Sensex skids 105 points

Sensex skids 105 points

Indian markets ended lower on Friday after profit booking in the last leg of trades. While the Sensex ended 105 points lower at 28458, the Nifty closed 26 points down at 8538.

IT stocks witnessed profit booking due to a flat rupee, some signs of slowdown in Europe and weakness in global IT stocks. TCS was down 2.4 per cent at Rs 2575 with volumes of 11.79 lakh shares. Infosys and Tech Mahindra both ended nearly 2 per cent lower at Rs 2063.40 and Rs 2614.45 respectively on NSE.

Other major losers apart from IT stocks included Dr Reddy's which was down 2.44 per cent at Rs 3390.65, BPCL (down 2.33 per cent at Rs 709.60) and Sun Pharma (down 2.23 per cent at Rs 820.65).

Some stocks however bucked the downtrend to end higher. DLF was up 5.34 per cent at Rs 162.60 while Ambuja Cement ended 3 per cent higher at Rs 237. M&M also ended in the green with a gain of 2.36 per cent at Rs 1295.

“Markets ended the week with minor losses. However, mid and small caps were major gainers during the week, as risk appetite made a comeback. RBI’s dovish statements gave a fill-up to the sentiments," Kotak Securities Head- Private Client Group Research Dipen Shah said.

We need to see increased investments in the economy, especially from the private sector. Improvement at the ground level is one of the important determinants of the market movement, going ahead. Fiscal reforms, along with the consistent moderation in inflation, will pave the way for a softer interest rate regime, Shah added.

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