The markets are trading flat on account of huge selling pressure in the IT, banking and consumer stocks. IT stocks have been butchered today on account of disappointing Q2 numbers of Infosys.
Stock market breadth on Nifty was in negative with 489 stocks on the advance side and 521 stocks on the downside.
Most active shares on BSE stock market are Reliance at Rs 2,650 with 239,993 shares, Reliance Petro at Rs 177.25 with 3,173,885 shares and Infosys at Rs 2,016.80 with 255,949 shares.
IT stock are trading extremely weak. BSE IT index was down over 5.6% at 4766.44, Major losers in the IT stocks were Satyam at 453.10 down 6.43%, Infosys at 1992 down 6.24%, TCS at 1073 down 4.62% Wipro at 480 down 4.60%.
Markets open with modest gains: Infosys down
The stock markets opened with modest gains today on account of buying seen in the oil & gas, auto, power and telecom sector. However, the IT stocks opened on weak note led by Infosys which was down over 4% reacting to the disappointing Q2 results.
At 9:56 am, Sensex was up 33 points at 18691 and Nifty was up 20 points at 5461. Major gainers were Reliance, Rel Comm, Rel Energy, M&M, Maruti, Dr Reddy's, ACC, L&T, HDFC Bank.
Infosys came out with its Q2 FY08 result which is very much in line with market expectations. It reported Q2 net profit of Rs 1100 crore, up 1.9% on QoQ basis. Its consolidated net sales surged by 8.8% to Rs 4,106 crore versus Rs 3,773 crore (QoQ). The operating profit margin increased to 31.27% from 28.73%
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