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MARKET WRAP: Sensex slips 335 pts; Infosys sees biggest 1-day fall in 6 yrs

All that happened in markets today.

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

hare brokers react to falling stock prices on screens of computers and television
Panic selling in IT services major Infosys along with profit-booking in recent outperformers sent the benchmark indices nearly a per cent lower on Tuesday. Shares of Infosys came under heavy pressure after the revelation that a group describing itself as ‘whistle-blower staffers’ had accused the management of hiding the true financial picture. The stock recorded its sharpest intra-day fall in more than six years. Earlier on April 12, 2013 it fell 22 per cent in the intra-day trade. The stock contributed 451 points to the benchmark S&P BSE Sensex's fall. READ MORE

The S&P BSE Sensex lost 335 points or 0.85 per cent to settle at 38,964, with ICICI Bank (up over 3 per cent) being the top gainer and Infosys (down over 16 per cent) the biggest loser. Out of 30 components, 15 ended in the red and rest 15 in the green. During the day, the index hit a high and low of 39,426 and 38,925, respectively. While Infosys, Bajaj Finance, and Bharti Airtel contributed the most to the index's fall, counters such as ICICI Bank, HDFC Bank, and HDFC supported the bulls. 

In the broader market, both the mid and small-caps indices pared morning gains; however, they fared better than the headline indices. The S&P BSE MidCap index ended at 14,407, down 13 points or 0.09 per cent. The S&P BSE SmallCap index gained around 64 points or half a per cent to settle at 13,190 levels.

On the NSE, the broader Nifty50 index settled at 11,590, down 72 points or 0.62 per cent. 

Volatility index India VIX added around 5 per cent to 16.67 levels. 

On the sectoral front, IT stocks bled the most, followed by media, metal, and auto counters. Pharma stocks gained the most with the Nifty Pharma index rising around 2 per cent to 7,758 levels. Nifty Financial Services index advanced over 1 per cent to 13,352 levels.

BUZZING STOCKS

Shares of Granules India surged 18 per cent to Rs 119.70 on the BSE on Tuesday after the company's net profit jumped 59 per cent year on year (YoY) to Rs 96 crore in September quarter (Q2FY20) on the back of strong operational performance. At close, the stock settled at Rs 114, up over 12 per cent. 

Shares of DLF traded higher for the seventh straight day on the BSE on the back of heavy volumes. The stock ended at Rs 178 apiece, up 5.60 per cent. 

Click here for more buzzing stocks

GLOBAL MARKETS

World stock indexes rose on Monday as hopes for resolving the US-China trade war bolstered investor optimism, and the US dollar index edged higher. MSCI's world equity index, which tracks shares in 47 countries, gained 0.6 per cent. The Euro STOXX 600 added 0.6 per cent, while the S&P 500 index was also up 0.6 per cent. The dollar index was up 0.1 per cent in afternoon trading, while sterling was last trading at $1.2963, down 0.06 per cent on the day.

In commodities, oil prices edged lower as lingering worries over a global economic slowdown that could hurt demand offset some signs of progress in US-China trade talks. Brent crude oil futures were down 10 cents, or 0.2 per cent, at $58.86 a barrel, while US West Texas Intermediate (WTI) crude futures were down 12 cents, or 0.2 per cent, at $53.19 per barrel.

(With inputs from Reuters)

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