Indian stock markets, today, snapped their five-day winning streak after touching intra-day high on profit booking, with both the benchmark indices closing below the respective psychological levels. In very first hour of the trade, market shed their early gains and slipped in red below previous close and remained therein for the rest of the day with a bit volatility. Nifty failed to hold the ground above key psychological mark of 6100 and end the day down by 23.65 points, or -0.39% by closing at 6089.05. Sensex also retreated from a nearly three-year high hit earlier in the session and closed at 20547.62 down by 59.92 points or -0.29%.
Investors seemed to have turned cautious as blue chip stocks declined ahead of the Oct. 17 deadline to lift the U.S. debt ceiling. Also, financials were the main laggards in today's trade as fears loomed of another repo rate hike in RBI’s second quarter monetary policy on October 29 and rising non-performing assets. Lenders declined after data showing higher-than-expected headline and retail inflation released on Monday that weighed heavily on the banking stocks.
Beating market expectations, India's number one IT services exporter TCS reported a Profit After Tax (PAT) of Rs. 4702 crore vs. Rs. 3796.2 crore in Q1, rising by 24.7% on quarterly basis. The dollar revenues for Q2 were reported at $3.33 billion vs. $3.16 billion and sales stood at Rs. 20,980 crore vs. Rs. 17,987 crore Q-o-Q. As per analysts, a robust performance by the company in the past three years compared to peers, the benefit of weakening rupee given its high proportion of export revenue and lack of avenues for investors due to abysmal growth in the domestic economy have contributed in historic performance by the company.
All the sectoral indices, except CNX Metal (0.73%), CNX IT (0.65%) and CNX MNC (0.02%), plunged below their respective previous closes led by the financials. CNX PSU Bank shed the most falling by -3.11% and chased by Bank Nifty (-2.59%), CNX Finance (-1.72%) and CNX Realty (-1.58%).
Market breadth remained one-sided negative on the NSE with 364 gainers against 811 losers and 49 remaining unchanged.
Out of 50 stocks of Nifty, 14 stocks advanced while 35 stocks declined with 1 remaining unchanged.
Top 5 Nifty gainers: J P Associates topped the Nifty Gainers chart by gaining 4.78% and followed by Tata Steel (3.05%), Wipro (1.77%), Hindalco (1.72%) and Asian Paints (1.66%).
Top 5 Nifty losers: While on the Nifty Losers list, IndusInd Bank seized the top spot plunging by -4.91% and followed by PNB (-3.93%), IDFC (-3.84%), Bank of Baroda (-3.80%) and HDFC Bank (-2.91%).
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