Indian markets plunged today on the back of weak Infosys Q1 results and FY13 guidance. May IIP figures came in above market expectations. Sustained selling was being witnessed in IT, teck, realty and banking stocks.
At the close, the benchmark 30-share index, BSE Sensex lost 268.17 points or 1.53% at 17,220.97 with 22 components posting drop. Meanwhile, the broad based NSE Nifty went down by 71.05 points or 1.34% at 5,235.25 with 39 components posting drop.
India`s industrial production has grown in May 2012 to 2.4% against the market expectations of 1.7% growth. The April IIP has been revised lower to -0.9% from earlier estimate of 0.1%.
Tata Consultancy Services contributed fall of 18.51 points in the Sensex. It was followed by Larsen & Toubro (17.04 points), I T C (15.8 points), I C I C I Bank (15.5 points) and Bharti Airtel (15.47 points).
However, Oil & Natural Gas Corporation contributed rise of 9.21 points in the Sensex. It was followed by Hero Motocorp (2.54 points), Jaiprakash Associates (2.25 points), Hindustan Unilever (1.26 points) and Tata Power Company (0.4 points).
Biggest gainers in the 30-share index were Oil & Natural Gas Corporation (1.33%), Hero Motocorp (1.05%), Cipla (0.54%), G A I L (India) (0.45%), Coal India (0.38%), and Hindustan Unilever (0.23%).
On the other hand, Infosys Technologies (8.35%), Wipro (4.17%), Bharti Airtel (3.12%), Tata Motors (2.20%), Tata Consultancy Services (2.18%), and Mahindra & Mahindra (2.17%) were the biggest losers in the Sensex.
Mid & Small-cap Space
The BSE Mid and small caps outperformed their larger counterparts declining-0.66% and -0.73% respectively.
The major losers in the BSE Midcap were Alstom India (1.69%), Alok Industries (1.42%), Aban Offshore (1.37%), CORE Education and Technologies (0.7%) and A B G Shipyard (0.31%).
The major losers in the BSE Smallcap were Adhunik Metaliks (2.46%), Action Construction Equipment (1.33%), A2Z Maintenance & Engineering Services (1.16%), Styrolution ABS (India) (0.37%) and Aarti Industries (0.34%).
Sectors in Limelight
The IT index was at 5,385.90, down by 288.24 points or by 5.08%. The major losers were Hexaware Technologies (5.01%), H C L Technologies (2.66%), Oracle Financial Services Software (1%), CORE Education and Technologies (0.7%) and Mphasis (0.33%).
The TECk index was at 3,188.21, down by 147.85 points or by 4.43%. The major losers were Idea Cellular (3.24%), Bharti Airtel (3.12%), Reliance MediaWorks (3.02%), Dish TV India (2.02%) and Mphasis (0.33%).
The Consumer Durables index was at 6,323.55, down by 125 points or by 1.94%. The major losers were Whirlpool Of India (4.98%), Blue Star (2.05%), C.Mahendra Exports (0.34%), Bajaj Electricals (0.13%) and Gitanjali Gems (0.03%).
On the other hand, the Realty index was at 1,743.36, up by 10.61 points or by 0.61%. The major gainers were Indiabulls Real Estate (4.29%), Unitech (3.29%) and Anant Raj Industries (0.9%).
Market breadth was negative with 1,133 advances against 1,749 declines.
Value and Volume Toppers
Infosys topped the value chart on the BSE with a turnover of Rs. 2,811.38 million. It was followed by State Bank Of India (Rs. 970.12 million), United Spirits (Rs. 681.59 million) and Tata Consultancy Services (Rs. 597.56 million).
The volume chart was led by Kingfisher Airlines with trades of over 10.25 million shares. It was followed by S R S Real Infrastructure (6.94 million), Onmobile Global (5.56 million) and Unitech (5.49 million).