Markets close at 2-week low, L&T orderbook dampens mood

Indian markets closed in the red for the third straight day on profit booking. Larsen & Toubro’s subdued orderbook guidance added to the downbeat sentiment as it sparked worries about the health of the domestic economy, said a Reuters report.

The BSE Sensex closed at 20078.83, down 0.16 percent, while the Nifty closed at6094.50, down 0.32 percent. The closing was the lowest in two weeks.

Brokerage Nomura said they see Nifty in the 6,000-6300 range this month and does not expect it to fall below this level as it has the “cushion of shorts.” In an interview with CNBC-TV18, Tushar Mahajan, head of futures & options at Nomura (India) said the pullback over the last two trading session is “healthy” for the market.

Realty stock DLF was the biggest loser closing at Rs227.10, down 5. 63 percent.

Engineering major Larsen & Toubro closed at Rs 1,517.10, down 5. 57 percent after announcing its worse-than-expected Q4 results. The company’s net profit fell 6.9 percent on year to Rs 1,788 crore, weighed by a steep rise in interest cost.

Other blue-chips also fell, withReliance IndustriesLtd ending down 1.2 percent.

Among the gainers wereGlaxoSmithKline Consumer, which closed up 3. 7 percent, Berger Paints4.34 percent andCastrol India3. 80 percent.

Tech Mahindrarose 3.6 percent on better-than-expected results. The company’s profit rose 25 percent on year (37 percent sequentially) to Rs 377 crore.