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IT stocks take a hit as Indian markets close day with a bang

February 1st, 2008

It is a single sided day. Almost all the day spent in the positive territory. Nifty closed 3.47% up. CNX IT is up 5.95%, CNX 100 is up 3.08%, CNX Defty up 3.59%, CNX 500 up 2.22%, Nifty Midcap 50 is up 1.06%. So its all positive across the board today.

The first notable sector is the IT sector. Large cap IT stocks had a good buying building up. Is it a sign of good days for the sector? No one knows yet. Infosys, Satyam and TCS are up 6%. Wipro is up 3%. Subex is down 7%, Moser Baer is down 3.6%, GTL is down 2.2%. CMC down 0.77%

Banking stocks had a reasonably good day. ICICI Bank is up 4%, Bank of Baroda is up 4%, Bank of India and Union Bank are up 2%. Kotak Bank is the worst hit amongst the front line banking stocks. The script last traded at Rs. 972.65 on the Nifty and is down 5.44%

Other notable sectors that gained in todays trade are Auto and Metal. Both the sectoral indices on the BSE are up 3%. FMCG, PSU and Oil & Gas incides up over 2%

Entry Filed under: Equities, BSE, NSE, Closing Bell