Markets muted; IT shares weigh

Markets continue to trade lacklustre, the Sensex has fallen 66 points to 20,154 and the Nifty has declined 25 points to 6057. Technology stocks are leading the losses in the morning session.

Markets are expected to remain in a range through out the earnings season before making any decisive moves. "Expect the Nifty to trade in 5950 and 6285 range for some time, and momentum will pick up post earnings season," said Gaurang Shah, Assistant Vice President, Geojit BNP Paribas Financial Services.

IT stocks were leading the losses, Tech Mahindra dipped 2.6% on back of lower than expected net profit (down 10%) reported in the second quarter, HCL Technologies also dipped 1.2%, Oracle Finance fell 0.8%.

HDFC fell 1.3%, followed by Bharti Airtel and ICICI Bank, down 1.1%, NTPC down 1%, were the top gainers on the Sensex. Reliance Industries and Wipro up 0.7% each, followed by Mahindra and Mahindra, up 0.5% are the top gainers on the benchmark.

Only seven stocks are trading in the green on the Sensex.