Markets Trade Lower Dragged Down by Tech Stocks

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Shares in Infosys and TCS dragged indices lower with the Sensex trading lower by 54 points, while the Nifty was down 17 points in early trade.

Infosys fell almost 4 per cent after reports that its promoters were selling stake in the company to raise $1.1 billion. Sentiments in other tech stocks were also affected with TCS, Wipro and HCL Tech also declining in early trade.

Markets Trade Lower Dragged Down by Tech Stocks
Sensex27,836.51Sensex Quote-254.91 [0.91%]
Nifty8,615.25Nifty Quote-76.05 [0.88%]
Among the gainers from the Nifty were stocks like HDFC, ONGC and Tata Power. Mid cap stocks were also having a quiet day in trade with Divis Labs, Petronet LNG and Siemens among the losers.

Shares in Pipavav Defence and Offshore Engineering jump 6.3 percent to Rs 44.60 rupees on sustained buying. The stock has now rallied 16 per cent for the month of December.

Dolphin Offshore on the other hand gained 7 per cent on contract extension from a Mexican client. PSU banking stocks continued to have a good session in trade with notable winners being Oriental Bank of Commerce, IDBI Bank and Syndicate Bank.

Meanwhile, markets in Asia were trading marginally lower despite record closings in the US following upbeat jobs data.

Read more about: sensex, nifty
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