Taking Stock | Market dragged by IT stocks as TCS opens earnings season

Taking Stock | Market dragged by IT stocks as TCS opens earnings season

The Indian equity benchmarks erased the previous session’s gains to end lower on April 11, dragged by the IT stocks as Tata Consultancy Services (TCS) kick starts earnings season with fourth-quarter numbers later in the evening.

Buying in the oil & gas, power and realty stocks, however, provided some support to the market. At close, the Sensex was down 482.61 points, or 0.81 percent, at 58,964.57, and the Nifty was down 109.30 points, or 0.61 percent, at 17,675.

"The market is wary ahead of the ECB meeting, the release of US inflation data, and the start of the domestic Q4 result season," said Vinod Nair, Head of Research at Geojit Financial Services.

Indian IT sector dragged due to weak expectations on quarterly results. In this holiday-shortened week, the market is cautious as trading at the upper side of the trend and momentum has shifted from broad to stock-specific, Nair added.

HCL Technologies, Infosys, Larsen and Toubro, Wipro and SBI Life Insurance were among the top Nifty losers. However, Grasim Industries, Adani Ports, JSW Steel, UPL and Cipla were the top gainers.

On the sectoral front, Nifty IT index fell 1.4 percent, while the energy index added over 2 percent.

Also Read: TCS Earnings Preview: Profit