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Indian markets open in red, IT worst hit

February 5th, 2008

Indian stock markets opened in the red after the US and Asian markets ticket red. Nifty is marginally down by 0.47%, CNX 500 down by 0.20% and CNX IT down by 1.32%. Even the Bank Nifty is down by 1.16%. Sensex is down 63.86 points or 0.34%. TCS news has hit the IT stocks

Sensex Mid cap and Small cap are marginally red. Consumer Goods, Health care and Realty are up while other BSE sectoral indices are in the red.

IT sector stocks are having a bad start this morning. The news of TCS to sack about 400 employees with less than 2 years experience has hit the market by surprise. Almost all top tier IT companies were racing each other till few months back to get fresh talent and retain existing talent.

TCS opened the day at Rs. 960.00 on the NSE, hit an intraday high of 975.00 and intraday low of Rs. 935.65 and is trading at Rs. 953.10 levels. The script is down 2.22%. Infosys is down 1.54%, Satyam is down 2.69% while Wipro is down 2.25%

On the Banking front, almost all the scripts on the Bank Nifty except the Bank of India are in the red. SBI is trading at Rs. 2246.15 levels.

Entry Filed under: Equities, IT & ITes, BSE, NSE, Opening trade