Sensex flat; IT stocks fall on U.S. visa cost worries

MUMBAI Wed Apr 17, 2013 4:52pm IST

People walk past the Bombay Stock Exchange (BSE) building in Mumbai January 9, 2009. REUTERS/Punit Paranjpe/Files

People walk past the Bombay Stock Exchange (BSE) building in Mumbai January 9, 2009.

Credit: Reuters/Punit Paranjpe/Files

Related Topics

Stocks

   
Coal Mining In The Punjab

Coal Mining In The Punjab

In Choa Saidan Shah miners dig coal with crude pick axes and load it onto donkeys to be transported to the surface earning a team of 4 workers around $10 to be split between them.  Slideshow 

MUMBAI (Reuters) - The BSE Sensex came off two-week highs to end flat on Wednesday as Reliance Industries(RELI.NS) fell after posting quarterly revenues that missed analyst estimates and after software services exporters fell on concerns about potentially higher U.S. visa costs.

A fall in European stocks as investors switched to stronger markets in the United States and Asia, where economic growth prospects are brighter due to massive central bank stimulus, also pulled down local shares.

However, rate-sensitive stocks continued to gain on hopes of a rate cut at the Reserve Bank of India's rate-setting meeting on May 3 on the back of easing inflation.

Reliance Industries fell the most in six months, down 3.9 percent after the company's January-March quarter revenue came in below expectations.

IT providers fell on worries that a bill proposing stiff fee increases and stronger visa regulation will hit their margins.

Tata Consultancy Services (TCS.NS) fell 1.8 percent, while HCL Technologies Ltd. (HCLT.NS) gave up early gains after better-than-expected profits, to end 1.5 percent lower.

"Earnings have been mixed so far. The market is too volatile, it has become a fool's game. There is too much happening globally and locally but the net feeling in market is positive," said P. Phani Sekhar, fund manager, portfolio management services at Angel Broking.

"RBI rate cut is a given now, also what happens globally should be watched."

The BSE Sensex fell 0.07 percent, or 13.77 points, to 18,731.16.

The 50-share Nifty ended flat at 5,688.70, with both indexes hitting their highest level since April 3 earlier in the session.

ITC (ITC.NS) hit an all-time high, continuing to extend gains for a fifth session, on recent media reports of a hike in prices of some categories of cigarettes. It ended 1.7 percent higher.

Rate-sensitive stocks continued to extend gains on hopes of a rate cut at the May 3 review.

Lenders rose with State Bank of India gaining 2.8 percent, while auto stocks like Mahindra & Mahindra (MAHM.NS) rose 4.3 percent.

(Editing by Subhranshu Sahu)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

WTO Row

WTO Row

Some WTO members discussing customs deal without India - sources  Full Article 

Fed Policy

Fed Policy

Fed presses forward with bond buying, cites uptick in inflation.  Full Article 

Q2 Profit Slips

Q2 Profit Slips

Samsung sees tough second half  Full Article 

Chinese Economy

Chinese Economy

China should set lower 2015 GDP growth target of 6.5-7 percent - IMF  Full Article 

Default Imminent

Default Imminent

Argentina fails to reach debt agreement   Full Article 

Economy Reboots

Economy Reboots

U.S. economy back on track with strong second-quarter rebound  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage