INSUBCONTINENT EXCLUSIVE:
NEW DELHI: A majority of IT stocks were incurring losses in Thursday's session, keeping the sectoral index down.
HCL Technologies (down
1.49 per cent), Tech Mahindra (down 1.39 per cent), Tata Elxsi (down 1.34 per cent) and Tata Consultancy Services (TCS) (down 0.93 per cent)
were the top drags on the IT index
Shares of Infibeam Avenues (down 0.62 per cent) and KPIT Technologies (down 0.55 per cent) too were under pressure.
The Nifty IT was
trading 0.56 per cent down at 14,597 around 11:40 am
However, Oracle Financial Services Software (up 0.73 per cent), Infosys (up 0.35 per cent), Mindtree (up 0.30 per cent) and Wipro (up 0.29
per cent) were in the green in the index around that time
Market sentiment was bearish on heavy selling in metal, auto, banking, IT and financial stocks amid capital outflows by foreign funds after
the RBI yesterday hiked repo rate for the second time in two months.
Reliance Industries, HDFC twins, Kotak Mahindra Bank and Maruti Suzuki
were reeling under pressure.
Global cues too were weak on renewed US-China trade war concerns.
Benchmark NSE Nifty50 index was down 57
points at 11,289, while the BSE Sensex was 197 points down at 37,324.
Among the 50 stocks in the Nifty index, 17 were trading in the green,
Reddy's Laboratories, HPCL, Sun Pharmaceutical Industries and Power Grid Corporation were the top gainers in the Nifty index.
Bharti
Airtel, Reliance Industries, Vedanta, HCL Technologies and GAIL (India) were leading among Nifty losers.
