Sensex, Nifty Trade Flat; IT Stocks Recover On Falling Rupee

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The Sensex and the Nifty managed to shake off early losses with IT stocks gaining ground following a sharp drop in the rupee.

The Sensex was trading with gains of 2 points, while the Nifty was down 18 points in trade. IT Stocks led gains with TCS and Infosys both showing gains of one per cent each. BPCL, Bharti, HCL and BPCL were the other gainers in trade.

Sensex, Nifty Trade Flat; IT Stocks Recover On Falling Rupee
Banking stocks continued to grind lower with ICICI Bank, Kotak Bank, Yes Bank and Axis among the losers.

Shares in United Bank were trading higher ahead of results to be declared later today. Larsen and Toubro which saw heavy selling pressure on Wednesday managed to gain ground in trade.

Shares in KEC International rose after the company Q4 net profit rose 83.1 percent to Rs 63 crore. Shemaroo also gained ground by more than 4 per cent after the company's results came in better than expected.

Mid cap stocks continued to fall with Bharat Forge, Glenmark and IGL among the losers. Meanwhile, markets across Asia were trading with losses following weak overnight cues from the US. The Shanghai Composite, the Korean Kospi and the Singapore Strait Times were trading lower.

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