The Indian markets ended in the red again for the seventh consecutive session, it’s longest losing streak since Nov 2011.
While the Sensex ended 0.49 percent lower at 19498, while the Nifty ended 0.59 percent lowere 5903. Meanwhile, broader indices slipping deep and thick in red, concluded the session with loss of over and above half a percent in today’s trade and over 2.5% for the week.
Mood at D-street remained somber a day after weak advance GDP Estimates, while investors also remained cautious ahead of the 2013/14 budget to be unveiled later this month, which is seen as a key test of commitments to shore up finance.
Mahindra & Mahindra as well as cement makers such as Ambuja and ACC retreated after earnings missed estimates.Mahindra and Mahindra shares fell 1.3 percent, Ambuja Cements dropped 5.5 percent, while ACC lost 3.7 percent.
IT stocks, however, stole the show in today’s trade, with stocks from TECk and Capital Goods counters too luring sufficient traction. Infosys, Tata Consultancy Services mustered decent gains after Cognizant earnings, as the result conformed that revenues of Indian software services exporters continue to outperform Cognizant’s, making the U.S.-listed IT company still not too much of a competitive threat.
Meanwhile, Finance Minsiter P Chidambaram is slated to launch the Rajiv Gandhi Equity Savings Scheme. The scheme is likely to expand the equity markets and provide an impetus to retail participation in the market by bringing new investors.
“Unlike other tax saving schemes the flexible lock-in facility will allow investors to monitor their portfolios and maximize their returns” said B. Gopkumar, Executive Vice President and Head- Broking, Kotak Securities.