Sensex Trades Lower; IT Stocks Weak On Visa Violation Worries

Business

oi-Sunil

By Sunil Fernandes

Published: Monday, June 15, 2015, 9:34 [IST]

Benchmark indices opened the week on a bearish note with the Sensex trading lower by 38 points, while the Nifty dropped lower by 14 points in trade.

IT Stocks continued to pull indices lower with TCS and Infosys both falling on worries over visa violations in the US. Infosys also traded ex-bonus today. Wipro and Tech Mahindra were the other IT stocks that were lower.

Banking stocks were also seen slightly lower in trade with HDFC Bank, ICICI Bank and IndusInd Bank among the early losers.

Shares in Orchid Pharma were up almost 3 per cent after reports that the US FDA had given its nod for Alzheimer drug Rivastigmine Tartrate.

Sun Pharma and Vedanta were the top Nifty gainers in trade along with HCL Tech and Maruti. Midcap stocks were having a good session in trade with stocks like Jubilant Foodworks and KPIT among the gainers.

Sun TV rallied a huge 11 per cent in trade after having fallen in the previous trading sessions. PSU banking shares were higher on hopes of fresh capital infusion in these banks. Union bank of India, Punjab National Bank and Syndicate Bank were among the gainers.

Reliance Industries continue to make steady gains after its 41st annual general body meeting had raised hoped of better performance for the company in the years to come.

Meanwhile, markets across Asia were trading sharply lower on fears of a likely debt default from Greece.

GoodReturns.in