Market Now: IT stocks slip; MindTree, NIIT among top losers

NEW DELHI: Shares of Zen Technologies (down 2.17 per cent), Rolta India (down 2.16 per cent), NIIT (down 1.44 per cent), Infibeam Incorporation (down 1.29 per cent) and MindTree (down 0.71 per cent) were among top loser IT stocks as the S&P BSE Information Technology index was trading 17 points down at 10,146 around 10.50 am (IST).

However, Ramco Systems (up 1.80 per cent), Majesco (up 1.60 per cent), Sonata Software (up 1.53 per cent), Tata Elxsi (up 1.29 per cent), SQS India BFSI (up 1.09 per cent) and Cigniti Technologies (up 1.06 per cent) were trading in green around the same time.

Domestic IT stocks have been going through a rough phase in recent times on account of appreciating rupee as well as issues involving layoffs and H-1B visa.

The benchmark Sensex advanced over 85 points and the Nifty reclaimed the 9,800 level as investors remained optimistic before the release of key macroeconomic data due today.

However, markets pared early gains following the cues from Asian counterparts.

Benchmark Nifty50 index was 27 points up at 9,812, while the 30-share Sensex was 70 points up at 31,816 around 10.50 am (IST).

In the Nifty50 pack, 33 stocks were trading in green, while 17 stocks were in red.

On BSE, 1,299 stocks were advancing whereas 962 stocks were lagging.

Nearly 15 stocks, including REI Agro, Religare, Lanco Infratech, KSS, FCS Software, Munjal Auto and HPCL touched their fresh 52-week low on NSE.

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