Market ends in red: IT stocks worst hit

New Delhi: The markets ended in red on account of weak cues from global markets and downgraded FY08 guidance from Infosys.

On the back of weak guidance the entire IT pack was beaten down and was among the top losers. However, selective buying was seen in metal, realty, cement and construction space. Even the mid cap and small cap space was buzzing outperforming the benchmark indices.

Post Infosys results the IT stocks took it on the chin and the index was down 2.9 per cent. In its results Infy has said that there will be pressure on the margins due to appreciation in rupee. The rupee was trading at 40.38 on Wednesday.

Indiabulls Real, Parsvnath, Akruti Nirman, Mahindra Gesco are the gainers in the realty space.

Sensex closed at 14,910 down 99 points, Nifty closed at 4387 down 19 points. The BSE Midcap Index ended at 6,704.40 up 39 points or 0.60 per cent.

The BSE Smallcap Index ended at 8,074.86 down 65 points or 0.8 per cent. The BSE Capital Goods Index was closed flat at 12,755.97. Carborundum, Punj Lloyd, Greaves Cotton, Gammon India, Areva T&D closed lower.

The BSE Health Care Index was down 0.3 per cent at 3,838.54. Sterling Bio, Matrix Lab, Panacea Biotech, Ranbaxy Labs, Lupin, Sun Pharma closed lower.

The BSE Auto Index closed closed at 4,920.28 down 0.5 per cent. Escorts, MRF, Tata Motors, Bharat Forge, Mah and Mah, Tube Investment ended in the red.

The BSE Metal Index closed at 10,816.64 down 1.5 per cent. Hind Zinc, Tata Steel, JSW Steel, SAIL, JindalStainless, Jindal Steel declined.

The BSE FMCG Index gained 0.3 per cent at 1,854.80. BSE Oil and Gas Index closed flat at 7,616.99. Reliance Natura, Essar Oil, Petronet LNG, Reliance Petro, ONGC in green.

The BSE IT Index lost 3.3 per cent at 4,791.99. Infosys, TCS, Satyam, Mphasis, Tech Mahindra, Wipro, HCL Tech closed weak.

The BSE Bankex was down 0.2 per cent at 7,427.55. PNB, ICICI Bank, SBI, Kotak Mahindra closed lower.

BSE Realty index was up 3 per cent. Indiabulls Real, DLF, Unitech, Sobha Developer, Parsvnath, Peninsula Land were the top gainers.

The NSE cash turnover was at Rs 11167.49 crore and the NSE F&O turnover was at Rs 34043.56 crore. The BSE cash turnover was Rs 5,475.08 crore. Total market wide turnover was at Rs 50,686.13 crore.