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Markets slip. Metals and IT tumble down

Markets opened gap-down following a sell-off across Asia and profit-booking in IT shares due to resurgence of sovereign debt concerns in Europe. The Nifty touched a low of 4,967 in opening trades and was hovering at 4,980, down 76 points and the Sensex was at 16,593, down 281 points.

Among the frontline shares – Infosys (down 3%), ICICI Bank (down 2.8%) and Reliance Industries (down 2%) were weighing on the Sensex, dragging the index down by almost 100 points. Only one component on the index was trading in the green, Hindustan Unilever, up over 1%.

BSE IT shares were leading the losses, the index plunged 3% on worries that clients may cut budgets in the Europe and United States. HCL Technologies was down 3%, TCS and Tech Mahindra were down over 2% each.

Metal shares also lost sheen due to global growth slowdown worries. The BSE Metal index was down 3%. NALCO plunged 5%, Sesa Goa lost 4% and Jindal Steel declined over 3%.



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