The markets continue to consolidate in the negative territory on the back of weakness in IT stocks.
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(Updated at 0930 hrs)
The markets which had day up yesterday after six sessions of losses have suffered another set back this morning on the back of lower-than-expected Q3 earnings from the IT giant - Infosys.
The Sensex dropped 39 points at the opening bell, and is now down 108 points at 19,426.
The NSE Nifty has declined 30 points to 5833.
Infosys has shed as much as 4% at Rs 3,250. The stock had touched a fresh lifetime high of Rs 3,495 on January 7, 2011. The means, the stock has plunged almost 7% from its peak in a matter of just four trading days so far.
Infosys Technologies, India's second-largest software services exporter, today reported 2.5% drop in sequential consolidated net at Rs 1,780 crore for the quarter ended December 2010 as against Rs 1,737 crore in the preceding September 2010 quarter. Click here for the detail result.
Meanwhile, other IT major like TCS, Wipro and HCL Technologies have declined 1-2% in opening trades.
Among the sectoral indices, Capital Goods, Auto and Power up 0.6% are the top gainers. However, IT index has opened down 2% followed by Bankex and Consumer Durables.
Reliance Communications up 2%, Tata Motors, L&T, Bharti Airtel and Tata Power gaining 1% ecah are the top gainers on the Sensex.
The top losers in the opening trades are the IT scrips. The other noteable ones are ICICI Bank, Sterlite,Hero Honda, ONGC shedding 0.4% - 0.8%
The market bredath is positive. 779 stocks have advanced while 584 have declined.
