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Indian stocks plunge on low IIP; weak Infosys earnings

Indian stocks plunge on low IIP; weak Infosys earnings
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First Published: Tue, Jul 12 2011. 05 18 PM IST
Updated: Tue, Jul 12 2011. 05 18 PM IST
Mumbai: Stocks plunged on Tuesday as Infosys Ltd reported weak earnings in the June quarter and fears about a slowdown materialized.
Infosys’s sales forecast was lower than analysts’ estimates.
Meanwhile, the latest Index for Industrial Production (IIP) data confirmed the slowdown in domestic manufacturing activity. Data released by the government showed that the IIP in May fell to a nine-month low of 5.6%. While economists were expecting the IIP to grow at 8.5% in May, the sharp fall in manufacturing activity sparked concerns about the economy, leading to broad-based selling in domestic equities. Read more...
Sensex: 18,411 –1.65%
Nifty: 5,526 –1.60%
Infosys, DLF, Mahindra & Mahindra and Larsen & Toubro led the losses among Nifty shares.
Infosys: Rs 2,786 –4.62%
DLF: Rs 220 –3.96%
Mahindra & Mahindra: Rs 701 –3.54%
Larsen & Toubro: Rs 1,769 –3.48%
At the sectoral level, information technology, real estate, automobiles and capital goods stocks led the losses on the BSE. All BSE sectoral indices closed the day with losses.
BSE IT: 5,925 –2.74%
BSE Realty: 2,114 –2.68%
BSE Auto: 8,892 –2.25%
BSE Capital Goods: 13,550 –2.15%
The sharp contraction in industrial production data led to a decline in capital goods stocks. The capital goods index at 5.9% sparked concerns about the deceleration of investment activity in the domestic economy. Except ABB and Alstom Projects, all stocks in the BSE Capital Goods index closed the day with losses.
Punj Lloyd: Rs 73 –3.28%
Praj Industries: Rs 74 –3.39%
Suzlon Energy: Rs 49 –2.48%
BGR Energy: Rs 453 –2.24%
JSW Energy, on the other hand, surged 4.75% after NSE it would include the stock in its futures and options list.
JSW Energy: Rs 70 +4.75%
Overall, 63.05% of the shares traded on the BSE closed the day with losses.
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First Published: Tue, Jul 12 2011. 05 18 PM IST
More Topics: Markets Update | India | Stocks | BSE | NSE |