IT stocks under pressure at initial trade

April 22nd, 2008 - 2:05 pm ICT by admin  

A file-photo of Sensex

Mumbai, April 22 (IANS) The Indian equities market opened in red Tuesday, tracking weak Asian market cues. The IT stocks were under selling pressure in the early trade. The leading blue chips IT stocks registered decline at the initial trade. The 30-share benchmark sensitive index of Bombay Stock Exchange opened with a loss of 66.07 points at 16,673.16. Ten minutes into the trade, the Sensex was trading at 16,702.18 with a loss of 37.15 points or 0.22 percent.

At the same time, the S&P Nifty of the National Stock Exchange was trading at 5,022.30 with a loss of 14.70 points compared to its previous close.

However, the market breadth was positive with low volumes. On BSE, 835 scrips advanced, 479 declined and 23 remained unchanged.

Cipla Ltd, NTPC, and Bharti Airtel were the gainers while TCS, Wipro, Satyam computers ltd were the losers at the initial trade.

Asian markets were trading weak. Japan’s Nikkei slipped 1.12 percent or 153.74 points at 13,542.81.Hong Kong’s Hang Seng tumbled 0.99 percent or 245.38 points at 24,476.29.Taiwan’s Taiwan Weighted fell 0.67 percent or 61.05 points at 9,022.27.

Singapore’s Straits Times declined 0.41 percent or 13.11 points at 3,157.98.South Korea’s Seoul Composite was down 0.49 percent or 8.90 points at 1,791.58.

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