Market Opens In Red, Putting Pressure On IT Stocks

Both the benchmark indexes opened in red today to trail behind the Asian markets, despite the CPI inflation number eases in March to 15-month low and is back in RBI's comfort zone after 2 months. NSE Nifty was down 24 points (0.14%) and S&P BSE Sensex opened at 60,364.41, it fell by 28.36 points or 0.05%.

Benchmark indexes declines in Japan, South Korea and Australia, while contracts for Hong Kong stocks fell. US futures fluctuated in Asian trading after both the S&P 500 and tech-heavy Nasdaq 100 closed Wednesday near session lows.

Asian stocks trimmed earlier losses as traders digested moderating inflation data in the US and the prospects of another interest-rate hike by the Federal Reserve next month.

Domestically all the broader indices has inched down by several points, but Midcap and small cap index is up by 0.24% and 0.33% respectively, while the Bank Nifty is also down by 0.01% in today's morning trade.

IT stocks are under pressure tracking Asian and US markets, tech-heavy Nasdaq 100 had closed low. Nifty IT index was down 1 percent dragged by Tech Mahindra, HCL Tech, Infosys. TCS shares also fell.

During the day things to watch out for
Today Infosys, is all geared to announce its March quarter results on Thursday. Shares of Britannia Industries, Edelweiss Financial Services and Goodluck India would turn ex-dividends. Two stocks namely Comfort Intech and Mufin Green Finance will go ex-split today while shares of Rushil Decor would turn ex-rights today.