Sensex, Nifty Drift Lower; IT Stocks Fall Again

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The Sensex and the Nifty fell lower in trade as IT stocks continued to push the indices lower in trade. Heavy selling pressure in Infosys and TCS pushed the indices lower with the Sensex trading lower by 60 points, while the Nifty was lower by 23 points.

 Sensex, Nifty Drift Lower; IT Stocks Fall Again
Apart from IT stocks shares in Bharti Airtel droped lower after the company reported net porfits that lagged estimates. The stock was down 2 per cent in early trade.

Idea on the other hand was trading higher after the company reported a good set of results. HDFC and Axis Bank were marginally higher ahead of their results to be declared later today.

Shares in select PSU banking stocks like Union Bank and IDBI Bank saw buying interest. Motherson Sumi was trading higher after the company got an order from Daimler. The stock was up 5 per cent. Mid cap stocks also were having a steady session in trade with stocks like Apollo Hospitals and Jubilant among the early gainers.

Shares in Idea Cellular gained ground after the company reported a good set of numbers for Q4 2015. Meanwhile, markets across Asia were trading lower as global growth worried these markets.

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