Sensex, Nifty remain in negative territory as weakness persists; IT stocks decline

The market, which opened on a weak note amid renewed worries about the global economy, continues to languish in negative territory with stocks from information technology, metal and capital goods sectors posting notable losses.

Bank and oil stocks have come off their early lows, but are still mostly seen trading in negative territory. Realty and automobile stocks have regained most of the lost ground.

The Sensex, which declined to 15,491.80 in early trades, is now down 96.54 points or 0.6% at 15,588.67. The Nifty is down 29.55 points or 0.6% at 4663.60.

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In the currency market, the rupee declined by 32 paise to 52.82 per dollar in early trades this morning. A weak opening in the domestic equity markets and worries about eurozone economy impacted the rupee sentiment to a notable extent. On Wednesday, the rupee had gained 37 paise to close at 52.50 against the dollar, its best level in more than a week.

Wipro (down 2.5%), Infosys (down 2.2%) and Tata Consultancy Services (down 1.5%) are trading weak on selling pressure due to a rather disappointing report card from U.S. tech major Oracle Corporation.

Among non-Sensex IT stocks, Oracle Financial Services, Mphasis, Rolta India, Polaris, Patni Computer Systems, Hexaware, Educomp Solutions and CMC are down 1% - 4%. Tech Mahindra is down nearly a percent, while HCL Infosys and HCL Technologies are trading lower by 0.6% and 0.5% respectively. MindTree and Mahindra Satyam are down marginally. Financial Technologies is bucking the trend and trading higher by over 2%.

Bharti Airtel has lost around 2.5%. Coal India, Hindalco, Larsen & Toubro, ICICI Bank, Jindal Steel and Tata Steel are trading lower by 1.5% - 2%. Mahindra & Mahindra, Jaiprakash Associates, Reliance Industries, Bajaj Auto, Sun Pharmaceuticals and Sterlite Industries are also trading notably lower.

Hindustan Unilever and ITC, the FMCG heavyweights, are up 2.6% and 0.8% respectively. Cipla has gained around 0.8%. NTPC, Sterlite Industries, DLF and HDFC are up with modest gains, while Tata Motors is up marginally.

REC is down more than 5% at Rs 152.50. Power Finance Corporation has also lost over 5%. Shriram Transport Finance, Glenmark Pharmaceuticals, Canara Bank, Redington India, Godrej Industries, IDFC, Sesa Goa, Allahabad Bank, JSW Steel, Aditya Birla Nuvo, Reliance Communications, Sintex Industries and Essar Oil are also down sharply.

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United Breweries, Shree Renuka Sugars, Gujarat Fluorochemicals, GMR Infrastructure, Jain Irrigation Systems, Hindustan Copper, Ashok Leyland, Crompton Greaves, IRB Infrastructure, Ultratech Cement, NMDC, Aurobindo Pharma and Castrol India are up 2% - 4.5% on strong buying support.