Sensex acts volatile on blue chip results

Sensex acts volatile on blue chip resultsFirst quarter results of India Inc. kept the 30-scrip Bombay Stock Exchange benchmark index, BSE Sensex, at bay on Tuesday.

While the index first slumped after looking at poor results announced by IT major Infosys, it bounced back in the second half on favorable reports from Reliance Industries Ltd's (RIL) counter.

While the Sensex closed 48.70 points up at 17,985.90 after touching an intra-day low of 17,855.85, the broad-based NSE Nifty rose 17.65 points to end the day at 5,400.65. Nevertheless, this remained Nifty's highest close in the last 12 months.

Infosys fell over three per cent to Rs. 2,795.30 on Tuesday after the company announced a 2.4 per cent decline in its first quarter net profit. Consolidated net profit of the company slipped from Rs. 1,525 crore in the corresponding quarter in the previous year to Rs. 1,488 crore this year.

Apart from a good buying in RIL stock, which rose Rs. 19 to Rs. 1, 074.75, a strong opening in the European market also boosted investors' sentiment in India allowing Sensex to recover towards end trades.

Market breadth was fairly positive at close as 17 of the 30 Sensex constituents ended green as compared to 12 negative and one unchanged.