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

   

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:
  • Most Popular
  • Most Shared

Pending Reform

REUTERS SHOWCASE

Power Theft

Power Theft

India to invest $4 billion to tackle power theft  Full Article 

Debt Funds

Debt Funds

India monitors foreign flows into debt funds, may tighten rules  Full Article 

Bulgari Back in India

Bulgari Back in India

CEO: we shouldn’t have left India so we’re back  Full Article 

 Hindu "Modi-fication"

Hindu "Modi-fication"

Fears grow about Hindu "Modi-fication" of education  Full Article 

Weak Credit

Weak Credit

Hard to hit tax revenue target, credit weak - Jaitley  Full Article 

China Rate Cut

China Rate Cut

China surprises with interest rate cut to spur growth  Full Article 

Gold Imports

Gold Imports

RBI cautious on response to gold import surge  Full Article 

Economic Corridor

Economic Corridor

China commits $45.6 billion for economic corridor with Pakistan  Full Article 

Overseas Funds

Overseas Funds

RBI says overseas borrowed funds can be parked with banks in India  Full Article 

Reuters India Mobile

Reuters India Mobile

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