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Indian markets open weak on Friday, IT looking better

February 8th, 2008

Tough days continue to haunt the Indian markets after weak global queues and no-so-positive domestic factors. BSE is down 0.63% while NSE is down 0.89%. IT is the only sectorl index on BSE to be in green and the sector, surprisingly, is up 3.05%

Realty sectoral index continues to be in deep red as the index is down over 3.41% this morning. This is followed by Consumer Durables and Metal. News from the IPOs too isn’t that encouraging. SVEC IPO is closing today. Emaar announced an extension to its IPO.

Infosys, Satyam and TCS are looking positive amongst the large cap IT space while Wipro is marginally in the green. Tech Mahindra is trading at Rs. 723 levels. Analyst firms are giving Satyam and Tech Mahindra Outperformer rating.

Banking stocks are a bit dull this morning. ICICI Bank is down 1.68% while HDFC Bank is marginally in the red. State Bank of India is down 0.66% and is trading at Rs. 2155 levels.

The NSE Nifty top gainers is having IT stocks in the front followed by Pharma stocks - Sun Pharma, Ranbaxy and Dr. Reddy. Engineering giant L&T is down 2.87% and is trading at Rs. 3634 levels on the NSE.

Entry Filed under: Equity Markets, BSE, NSE, Opening trade