Even the positive IIP numbers could not keep the Sensex from closing in the red today, as lowered guidance from IT bellwether Infosys weighed down markets. The 30-share BSE Sensex closed at 16,037.51 down 138.35 points, from its previous close at 16,175.86 points. The market had opened at 16,117.19 points.
The NSE 50-share index Nifty closed at 16,037.51 points or 29.70 points down from its previous close. The market was able to trim some of its losses on the back of better than expected auction of Spainâ€™s debts.
The industrial data for November showed growth climbing to 5.9% from a negative 4.7%. the market breadth was positive with Â 1,415 stocks advancing, compared to 1,273 on the decline. Another 187 remained unchanged.
Infosys said it expected FY12 revenue to grow at 16.4%, cutting the guidance earlier which stood at 17.1-19.1%. CEO and MS Shibulal said that the slowdown and economic uncertainty in developing countries would dampen the market.
Infosys fell 8.4% while TCS and Wipro suffered 3.9% and 2.6% respectively. RIL and ONGC also suffered in the bearish market. Reliance fell 1.44% while ONGC was down 0.56%.
Among banks, SBI was the pick of the lot. Shares rose by 2%. HDFC and HDFC were up by 0.9% each. Among the metal stocks Tata Steel, Coal India, Hindalco and Sterlite Industries gained between 1 and 1.8%.