NEW DELHI: Blame the banking trio – ICICI Bank, YES Bank and State Bank of India – for Fridays disappointing show on Dalal Street on a day when IT heavyweights TCS and Infosys were firing on all cylinders.
Equity barometer Sensex staged an impressive rebound later in the day to close slightly lower. Weakness in bank stocks post RBI's hawkish policy stance and simmering oil prices dented investor sentiment, while weak Asian peers offered no hope.
Sensexs zigzag show
Out of the 30 Sensex stocks, 10 closed the day in the green, while 21 ended in the red. Have a look at the zigzag show.
TCS tryst with history
Tata Consultancy Services stole the show. With an intraday gain of over 7 per cent, the scrip led the Sensex gainers. It also touched its all-time high of Rs 3,421.25 on Friday, eventually settling at Rs 3,406.40, up 6.76 per cent.
At Fridays close, TCS was at kissing distance of making history by being Indias first listed company to enjoy a $100 billion market capitalization. There are just 63 stocks globally in the elite $100 billion m-cap club that has the likes of Amazon and Apple. Since its IPO in 2004, TCS has grown at 23 per cent CAGR over last 14 years.
..and IT was a feel-good factor
BSE IT index, which surged almost 5 per cent, finished as the top sectoral gainer of the day, with 47 components advancing and 10 declining. Two stocks remained unchanged.
Banks bleed again!
Now, lets look at the losers of the day.
Bank stocks were among the top losers. YES Bank plunged 3 per cent on BSE on Friday, leading the pack. HDFC, ICICI Bank and State Bank of India, too, figured among the top Sensex losers of the day. The BSE Bankex index declined over 1 per cent, with only two stocks advancing and 8 declining.