Quarterly earnings of TCS affected stocks adversely

Indian stocks slipped for the third day in a row on Wednesday as worse than anticipated earnings from Tata Consultancy Services vitiated sentiment. Heavy sales were seen on the TCS stock even as beaten down metals continued to find favour with traders.

The Nifty fell 24 points to end the day at 8,107 points, near its day's low. TCS, Cairn, Zee and Tech Mahindra were the top losers on the Index while Hindalco, Lupin, ACC, HDFC and Reliance industries saw long positions being taken by traders. The Nifty enjoyed an Advance-Decline Ratio of 22/27.

TCS, Infosys and Zee Entertainment continued to be the top traded counters on the NSE.

The trend in the broader markets was flat as well with the CNX 100, CNX 200 and CNX 500 benchmarks slipping about 0.2 percent each. Mostly weakness was seen in the sectoral space with the CNX Media Index being the top loser. Strong dips were seen on CNX IT, CNX PSU Bank and CNX Auto benchmarks as well. Bit buying was observed on CNX Pharma, CNX Metals and CNX Energy indices.

The mood was tepid on the Bombay Stock Exchange as well with the Sensex shedding 67 points to close at 26,780 points. Hindustan Unilever, ICICI Bank, Coal India and NTPC were among the top losers along with TCS. Strong gains were seen on Tata Steel, HDFC and Axis Bank.

Lupin, TCS and Hindustan Unilever were the top traded counters on the Sensex.

Mid caps found favour in the derivatives trade even as large caps notched up major losses. Futures of SRF, SKS Micro, Century Textiles and Hindalco were among gainers while Bharat Forge, JSW Steel and TV18 Broadcast slipped in trade. The segment saw 93 futures dropping compared with 74 that rose.

Ramco Cements, Zee Entertainment and Ucal Fuel Systems were on the volume buzzers list on the NSE.

(Image credits: Indiatimes)