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Sensex Sheds Over 700 Points From Intra-Day Highs; IT Stocks Drag

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HCL Tech, Tech Mahindra, TCS and Infosys have shed 0.6 per cent to 3.2 per cent each on BSEThe domestic stock exchange have shaved off around 700 points from intra-day highs due to weak point in infotech stocks.

At 11:00 am, the BSE Sensex was trading at 60,792.87, lower by 452 points or 0.74 per cent and the NSE Nifty was at 18,143, down 126 points or 0.70 per cent.

The broader markets have likewise surrendered their gains, with the BSE Midcap index and BSE Midcap index shedding 0.7 percent and 0.6 per cent respectively.Stocks in Asia-Pacific were mixed in Thursday trade as investors monitored shares of China Evergrande Group in Hong Kong.

In Japan, the Nikkei 225 slipped 0.28 per cent and Topix index dipped 0.21 per cent.The S&P 500 and the Dow got on Wednesday, with the Dow hitting an intraday record high, as investors eyed much better than expected third-quarter earnings from U.S.

business.

The Dow Jones rose 0.43 percent to 35,609.34, the S&P 500 got 0.37 percent and the Nasdaq Composite ended flat.On the earnings front, Asian Paints, JSW Steel, Biocon, Can Fin Houses, Container Corporation and ICICI Lombard General Insurance will state their results during the day.On the stock-specific front, information technology stocks are experiencing selling pressure, with HCL Tech, Tech Mahindra, TCS and Infosys shedding 0.6 per cent to 3.2 percent each on the BSE.On the other hand, Sun Pharma, NTPC and Powergrid have gotten around a per cent each on the BSE.The market breadth is weak.

Out of 2,639 shares traded on the BSE, there are 1,399 advancing shares as against 1,142 decreases.




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