Markets trade lower as tech stocks drag

Commentary

oi-Sunil

By Sunil Fernandes

Published: Friday, April 12, 2013, 10:34 [IST]

Markets were trading lower led by a sharp drop in Infosys and other tech stocks like TCS, HCL Tech and Wipro, after Infosys reported a disappointing set of numbers for Q3 FY 2013.

The Sensex was trading lower by 269 points, while the Nifty lost 66 points in trade at 10.15 am IST. Among the other losers apart from the tech pack were Tata Motors, Indusind Bank, Larsen and Toubro, Coal India, ICICI Bank, DLF, Reliance Infra, ACC and Maruti.

Top Nifty gainers on the other hand were Lupin Laboratories, Asian Paints, ITC, BPCL, Bhel and Ambuja Cements.

PSU Banking stocks also found buyers at lower levels with prominent gainers from the space being Canara Bank, Oriental Bank, Indian Overseas Bank and Union Bank of India.

The mid cap index was trading marginally in the red as stocks like Jain irrigation, Oracle, Tech Mahindra and Welspun put pressure on the index.

Bharti Airtel was marginally up after the company's consortium is among the 12 applicants shortlisted by Myanmar government to bid for two nationwide telecom licences.

Meanwhile, markets in Asia were trading mixed with the Japanese's Nikkei up in trade, while the Japanese Nikkei, Seoul Composite and Taiwan Weighted down in trade, while the Hong Kong's Hang Sang gained.

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