Despite a 300-pt opening gap, the Sensex soon slipped into red after touching a high of 10,945. The selling pressure was so intense that the index tumbled to a low of 10,300 - down 645 points from the day's high in a matter of 1 1/2 hour.
While the Sensex is now down 140 points at 10,491, the BSE IT index has gained 2.4% at 2,816.
In a contrasting development, technology stocks which were under severe pressure yesterday sensing Obama victory in the US, today, opened lower but soon rebounded and are now holding smart gains despite Obama winning the US election.
TCS has zoomed nearly 6% to Rs 538. Satyam has surged 2.7% to Rs 285.
Wipro and Infosys have rallied over 1.5% each to Rs 268 and Rs 1,353, respectively.
Among like - Financial Technologies, HCL Tecnologies, Moser Baer, Mphasis and Tech Mahindra are up 2-4% each.
Meanwhile, Nasscom has said that Obama will not do anything to harm Indian IT and so it won't worry about anti-outsourcing legislation. More job creation in the US doesn't mean cutting down on outsourcing.
