Markets have dropped to the day's low in late-morning trades. The Sensex, after a soft opening this morning,. dipped to a low of 17,360. The benchmark index was down 73 points at 17,392. Nifty was down 28 points at 5,290.
BSE IT index has slipped 1.3% to 5,986. Among other sectors, banks and realty shares are showing weakness. However, the BSE FMCG index has moved up 1.5% at 4,352.
TCS has dipped 2.7% to Rs 1,135. HDFC, BHEL, SBI and HDFC Bank have dropped 1-2% each. TCS and Infosys together account for a 39 point loss of the Sensex.
"Infy is been trading into tight band since couple of days. Infy PE 2800 is on the active side & 2900-2950 on the call side. Any close above 2900 will take this counter again to 3050-3100 levels in coming days," said Nandish Patel, Derivative Analyst, Sharekhan.
Meanwhile, Mahindra & Mahindra has added 1.8%. FMCG shares HUL and ITC have added 1.8% each. Among other gaines are Tata Motors, Sun Pharma, Tata Steel and Sterlite.
Retail stocks have jumped for the second straight day on hopes of GST finally being rolled out soon by the government.
Shoppers Stop has gained 5.7% to Rs 388 this morning after touching a high of Rs 411.
The broader market was trading with marginal gains with the BSE Mid-cap index up 0.1% and the Small-cap index up 0.2%
However, the market breadth was positive with 1,139 gainers and 993 losers on the BSE.
