Sensex, Nifty Recover After Early Setback; IT Stocks Down Sharply
(RTTNews) - Indian stocks off to a weak start Friday morning as technology stocks tumbled after Accenture lowered its full-year revenue guidance. However, the market has staged a recovery thanks to stocks from other sectors finding good support.
The BSE benchmark Sensex, which dropped to 72,172.09, losing nearly 470 points in the process, has recovered to 72,579.97, down just 61.22 points or 0.08% from the previous close.
The broader Nifty50 of the National Stock Exchange is down 15.05 points or 0.07% at 21,996.90, well off an early low of 21,883.30.
The Sensex jumped 539.50 points, or 0.75% on Thursday, while the Nifty index settled with a gain of 172.85 points, or 0.79%.
The Nifty IT is down 2.7%, weighed down by sharp losses in technology majors. HCL Technologies is down 4.7%. Wipro, Infosys, Tata Consultancy Services and Tech Mahindra are down 2 to 3%. MindTree, Mphasis and L&T Technology Services are also down sharply.
BPCL, Apollo Hospitals Enterprises, Cipla, Sun Pharmceutical Industries, ITC and Bajaj Auto are gaining 1 to 2%.
UPL, Axis Bank, Titan Industries, ICICI Bank, Power Grid Corporation, Hindalco, Larsen & Toubro, Bharti Airtel and Bajaj Finance are moderately higher.
The market breadth is positive. On BSE, 2,062 stocks are up with gains, while 989 stocks are down in negative territory, and 112 stocks are flat.
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