Sensex, Nifty Pare Early Gains, Down Marginally; IT Stocks Decline
(RTTNews) - After opening higher and holding firm till around late morning, Indian stocks slowly drifted down into negative territory on Wednesday, weighed down by losses in technology, FMCG and consumer durables sectors.
The mood in the market is quite cautious with investors closely following geopolitical news, the trend in the bond markets and digesting corporate earnings news. Investors are also looking ahead to U.S. inflation data due later in the day, for clues about Federal Reserve's interest rate trajectory.
Weak crude oil prices amid renewed hopes about the reopening of the Strait of Hormuz appears to be limiting market's downside.
WTI crude futures are down nearly 3% at 80.00 a barrel.
The benchmark BSE Sensex, which advanced to 77,986.84, dropped to a low of 77,566.77 and was down 47.55 points or 0.06% at 77,608.54 a little while ago.
The National Stock Exchange's Nifty50 index was down 70.10 points or 0.29% at 24,264.35.
The NSEIT index is down by about 1.4%. Infosys, Tech Mahindra, Wipro, Mphasis, HCL Technologies and Tata Consultancy Services are down 1.2%-2.1%.
FMCG stock Varun Beverages is down 3.4%. Nestle, United Spirits, Tata Consumer Products, Patanjali Foods and Britannia Industries are declining 1%-2%.
In the consumer durables sector, Voltas is down 2%, while Crompton Greaves, Dixon, Blue Star and LG Electronics are lower by 1%-1.6%.
Larsen & Toubro, Bharti Airtel, Power Grid Corporation, NTPC, Trent, Reliance Industries, Mahindra & Mahindra and Tata Steel are down 0.5%-1.6%.
Kotak Bank is up 3.2%. Axis Bank, UltraTech Cement, ICICI Bank, State Bank of India, Indigo, Bajaj Finserv and Bajaj Financial are gaining 0.6%-1.5%.
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