The markets have continued to move downward with the Sensex registering an intra day low of 20,397. The Nifty is down 40 points at 6,137 while the Sensex lost 117 points at 20,379. In the broader markets, the smllcap index has managed to hold its gains at 0.5% while the midcap pared its gains and is at 0.09%. Mean while, the benchmark index continues to underperform at 0.3% in the negative.
Among the sectoral indices, Realty leads the pack at 1% followed by Metal and Consumer Durables. However, the IT and Teck stocks are dragging down 1% each.
Even though Infosys posted a better than expected results, the markets seem to have discounted the event. The stocks is down 1% , trading at Rs 3148.The major IT stocks too are trading in the red. Wipro and TCS is down 2% and Mphasis has shed 1%. An Infosys executive stated the they are cautiously optimistic about the future due to the current currency volatality which may affect the margins by 130 basis points going forward.
