Sensex Snaps 9-Day Winning Streak, Banking Stocks Drag
The recent rally suggests that investors are expecting better quarterly results with positive monsoon forecast also boosting the sentiment, said Siddharth Sedani, vice president-head equity advisory at brokerage Anand Rathi. He expects the markets to remain range-bound with stock specific moves taking place based on earnings.
Among the financial stocks, HDFC and ICICI Bank and SBI fell around 0.6 per cent. Axis Bank declined around 3 per cent.
Information technology stocks continued to be under selling pressure following Infosys March quarter results on Friday. Volatility of rupee and a tepid outlook forecast from Infosys Ltd is weighing on IT stocks, Mr Sedani added.
The BSE IT index fell for the third day today. Tech Mahindra, HCL Tech and TCS were among the top losers in the IT pack today.
ITC Ltd, India's biggest cigarette maker which also sells biscuits under the Sunfeast brand, rose nearly 3 per cent today. Consumer staples stocks such as Dabur India also rose over 3 per cent while Hindustan Unilever gained 0.3 per cent.
Global stocks climbed to their highest in nearly four weeks today as strong US first-quarter earnings helped revive risk appetite, driving up equities and hauling the dollar out of its slump. European stocks rose in early trading, pushing MSCI's index of world stocks up 0.2 per cent to its highest since March 22. (With agency inputs)