Q4 earnings season weigh on markets despite positive data

Stocks: The truncated week saw hectic profit-booking in most of the sectors due to caution steered by ongoing fourth quarter earnings results, as the benchmark BSE Sensex lost 437.28 points and the NSE Nifty settled below the crucial 8,650-level, despite positive macroeconomic data.
The Bombay Stock Exchange and the National Stock Exchange were closed on April 14 on account of Ambedkar Jayanti.
The week started on a bullish note over better-than- expected Index of Industrial Production (IIP) data, leading the Sensex reclaiming 29,000-level.
However, it was shortlived and despite the fall in retail inflation (CPI) to a three month low and further contraction in wholesale price index (WPI), investors resorted to heavy profit-booking before as well as after the key corporate earning results started to trickle in.

Investors' disappointment over below the expected earnings numbers from country's largest software exporter and heavyweight TCS faltered the IT stocks with the sentiment further reflected by profit-booking in other key sectors.
Barring oil&gas, metal and FMCG, all other segments witnessed selling pressure led by realty, healthcare, IT, auto, teck, banks, capital goods, power and consumer durables.

The BSE 30-share barometer resumed higher at 28,955.13 from last weekend's close of 28,879.39 and moved in a range of 29,094.61 and 28,403.76 before concluding the week at 28,442.10, logging a loss of 437.28 points or 1.51 per cent.
In previous two weeks, it had shot up by 1,420.74 points or 5.17 per cent.

The 50-issue NSE Nifty also moved widely between a high of 8,844.80 and low 8,596.70 before settling the week at 8,606.00, exhibiting a steep loss of 174.35 points or 1.99 per cent.