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Markets recoil on letdown

Mumbai, April 17: Dalal Street wrapped up another day of losses after its hopes of a Wipro-inspired rebound lay in tatters.

Market mavens in Jeejebhoy Towers had expected the company to break ranks with the swelling ranks of computer kingpins laid low by the slump.

But the Bangalore-based major let down operators with a 2.5 per cent drop in quarterly net profit and a growth forecast clouded by words of uncertainty and admissions of the tough times ahead.

The sensex slipped below the 3,000-mark to close at 2984.50, down 47.82 points from Wednesday’s finish of 3032.32. The index hit an intra-day low at 2971.94.

Marketmen feel foreign funds are still unsure about the Indian markets and want the dust to settle down. They are waiting for the technology majors including Satyam to announce their fourth quarter results before taking a call.

“The sale proceeds of foreign funds have been parked on the sidelines. They have adopted a wait and watch policy,” they added.

To add to the dismal market sentiments were reports of a brokerage cartel using the prevailing mood to hammer share prices down further.

Moreover, reports that the coming monsoon could be below normal added to the discomfiture.

The specified group saw 141, including 23 index-based counters, recording losses while the rest (53) closed with gains.

Compounding the fall was the sharp decline in volumes. Turnover plunged to Rs 878.53 crore from Rs 1,019.07 crore yesterday.

Infosys was the top traded share with the highest turnover of Rs 170.59 crore followed by Satyam (Rs 91.90 crore).

Hindustan Lever shed Rs 4.90 to Rs 142.85 while Infosys lost Rs 59.65 to Rs 2965.75. Reliance surrendered Rs 5.50 to Rs 278.10, while SBI lost 3.10 to 287.35.

However, among the notable gainers were Grasim hardening by Rs 2.55 to Rs 339.80, Hindalco by Rs 9.45 to Rs 602.35, Moser Baer by Rs 13.40 to Rs 266.95 and E-serve by Rs 15.35 to Rs 446.20.

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