Mumbai : Marked by day-long swings, the stock market came off its nearly two-month high by falling over 119 points to close at 26,759, stumped by IT worries following proposed visa curbs in the US.
The NSE Nifty too briefly retook the 8,300 level before capitulating.
Information technology stocks hit a rough patch after US lawmakers pushed ahead with legislation to put restrictions on use of H1B visas, a highly contentious issue — Infosys fell by as much as 2.50 per cent, TCS 2.18 per cent and Wipro 2.18 per cent.
The Sensex opened higher and advanced to touch a high of 27,009.61 before ending at 26,759.23, down 119.01 points, or 0.44 per cent.
The gauge had gained 245.11 points in yesterday’s trade. The NSE 50-share Nifty also regained the 8,300 level before settling lower by 30 points, or 0.36 per cent, to close at 8,243.80.
On a weekly basis, both key indices — the Sensex and the Nifty — rose 132.77 points, or 0.49 per cent, and 58 points, or 0.70 per cent, respectively, pulling off their second consecutive surge. “Stocks continued the week long surge, but with third quarter figures expected to flow in shortly, and with IT stocks bogged down by US visa restrictions fears, profit booking gained traction as the day drew to a close,” said Anand James, Chief Market Strategist, Geojit BNP Paribas Financial Services. ITC, Power Grid, Tata Motors, Adani Ports, Coal India, Axis Bank, NTPC, Reliance Industries and Bharti Airtel fell up to 1.56 per cent. However, ONGC, Asian Paints, Dr Reddy’s, HDFC Bank, HDFC, Bharti Airtel and Cipla ended up on the gainers list.