AgenciesThe benchmark indices retreated after initial gains and ended the holiday-truncated week on a negative note, tracking weakness in global markets and some profit-booking.
The investors weighed inflation risks against the start of the Q4 earnings season and remained cautious ahead of crucial macroeconomic data announcements -- industrial production for February and inflation rate for March and quarterly results of IT major Infosys -- post trading hours.
Falling for the third straight session, the 30-share pack Sensex declined 237.44 points 0.41% to close at 58,338.93. Its broader peer NSE Nifty also settled below the 17,500 mark. Both indices have snapped their two-week winning streak led by a decline in IT counters.
Though the markets opened with capped gains after two days, thanks to buying in select heavyweights such as Reliance Industries, Infosys and a few financials, the sentiment was dampened as four-decade high inflation in the US raised concerns over aggressive Fed rate hikes.
"Capital Goods stocks were sought after today on expectations of a revival in capex spends. March exports rising 20% boosted sentiments even as the street remains cautious on rising inflation and commodity prices and its impact on earnings of companies," said S Ranganathan of LKP Securities.
The broader markets saw demand for hospitality, cement and gas stocks.
Gainers & Losers
ITC was the top Sensex gainer, rising over 1.5%, while ONGC and Apollo Hospitals were the top gainers from the Nift pack, rising 3.14% and 2.37%. Sun Pharma, Hindustan Unilever, State Bank of India, NTPC, and L&T were other stocks that settled with gains after a volatile session.
On the flip side, HDFC twins, Maruti Suzuki, Tata Motors and Dr Reddy's Labs ended with cuts.
The investors weighed inflation risks against the start of the Q4 earnings season and remained cautious ahead of crucial macroeconomic data announcements -- industrial production for February and inflation rate for March and quarterly results of IT major Infosys -- post trading hours.
Falling for the third straight session, the 30-share pack Sensex declined 237.44 points 0.41% to close at 58,338.93. Its broader peer NSE Nifty also settled below the 17,500 mark. Both indices have snapped their two-week winning streak led by a decline in IT counters.
Though the markets opened with capped gains after two days, thanks to buying in select heavyweights such as Reliance Industries, Infosys and a few financials, the sentiment was dampened as four-decade high inflation in the US raised concerns over aggressive Fed rate hikes.
"Capital Goods stocks were sought after today on expectations of a revival in capex spends. March exports rising 20% boosted sentiments even as the street remains cautious on rising inflation and commodity prices and its impact on earnings of companies," said S Ranganathan of LKP Securities.
The broader markets saw demand for hospitality, cement and gas stocks.
Gainers & Losers
ITC was the top Sensex gainer, rising over 1.5%, while ONGC and Apollo Hospitals were the top gainers from the Nift pack, rising 3.14% and 2.37%. Sun Pharma, Hindustan Unilever, State Bank of India, NTPC, and L&T were other stocks that settled with gains after a volatile session.
On the flip side, HDFC twins, Maruti Suzuki, Tata Motors and Dr Reddy's Labs ended with cuts.
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