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Sensex Falls Over 100 Points, Banks Lead Decline; TCS, Bharti Airtel Post Sharp Gains

Financial stocks dropped today, with HDFC Bank and ICICI Bank dragging down the indexes

Sensex and Indian shares fell today as investors booked profits amid weakened global sentiment. The Sensex has risen close to 5 per cent so far this month and had closed at two-month high yesterday.

Global markets were weak today as a rise in US bond yields to 3 per cent and warnings from bellwether US companies of higher costs drove fears that corporate earnings growth may peak soon.

The Sensex ended 115 points lower at 34,501 while Nifty settled at 10,570, down 43 points.

“Global perspective is making investors nervous. Investors are taking profits from the table,” said Saurabh Jain, AVP research at SMC Global Securities.

Financial stocks dropped today, with HDFC Bank and ICICI Bank dragging down the indexes. ICICI Bank fell about 2 per cent while HDFC Bank dropped 1 per cent.

The BSE metal index fell 1.5 per cent. Some metal stocks have posted so far this month on rising commodity prices. Vedanta, Tata Steel and Hindalco Industries declined nearly 2 per cent each.

The BSE IT index, however, rose over 1 per cent as a weaker rupee helped send shares of IT exporters higher. TCS shares rose close to 2.5 per cent.

Infosys, Tech Mahindra and HCL Tech were among the other gainers in the IT pack. Top mobile carrier Bharti Airtel Ltd rose 3 per cent, after the company’s fourth quarter results beat expectations of a loss and as it approved a merger of its mobile masts unit with Indus Towers.

The broader markets were also weak today with BSE midcap and smallcap indices sliding over 0.50 per cent today.

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Sensex Falls Over 100 Points, Banks Lead Decline; TCS, Bharti Airtel Post Sharp Gains
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