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Friday, 13 January 2017

IT Stocks Declined, Stock Market Wiped Off Early Gains

Share indices were sharply off the highs touched at open due to a fall in information technology giants Tata Consultancy Services and Infosys. While shares of Infosys wiped the gains due to mixed Oct-Dec earnings, those of TCS were down 2% as changes at the top management and headwinds for the sector led to concern about growth. Currently, Sensex is 58 points down at 27188 while NSE Nifty is 20 points down at 8386.

Asian market is comparitively higher than the the Indian stock market. Nikkei is leading the region with 131 points hike at 19266, Hang Seng is 92 points up at 22921 and Shanghai composite is just 4 points up at 3123.

Gainers: GAIL, ONGC, HDFC, Aurobindo Pharm, Tech Mahindra
Losers: TCS, Infosys, Hindalco, Idea Cellular, Tata Motors