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Market slip toward the end
Wed, 4 Feb Closing

After a volatile day of trade, the Indian equity markets closed the day in the red. While the BSE-Sensex today closed lower by 117 points, the NSE-Nifty closed lower by 33 points. The BSE Mid Cap index closed lower by 0.25% while the BSE Small Cap index closed flat today. Banking and capital goods and auto stocks were the biggest losers today.

Asian stocks closed mixed today. European stock markets trading lower at the time of writing. The rupee was trading at Rs 61.79 to the dollar.

A day after he left interest rates unchanged, The RBI governor Raghuram Rajan stated in an interview to a leading news network that the fight against inflation isn’t finished yet. As per Rajan, while inflation remains a concern in India, the global deflationary environment does make it easier for Indian policy makers. Thus, there is no need for any unconventional policy moves by the central bank.

IT stocks ended mixed today. While Infosys led the gainers; Tech Mahindra led the losers. As per a leading financial daily, India’s fourth largest IT firm HCL Technologies has set up a new global delivery centre (GDC) in the US. The GDC located at Frisco in Texas will employ about 300 people initially. The centre will mainly cater to HCL Tech southern US clients like Dean Foods, Entergy, Dr Pepper Snapple Group (DPSG), EFH, Oncor, etc. The company has more than 9,000 employees in the US and the country contributes well over 50% of its revenues. HCL Tech closed flat today.

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