Markets End in Red After Strong Opening as IT Stocks Lose Momentum

By Aditya Raghunath — IT stocks that were roaring yesterday lost all momentum today with the IT index closing down 1.07% today. HCL Technologies Ltd (NS:) lost the most today and closed down 3.25%. Infosys Ltd (NS:) lost 1.52% and Tata Consultancy Services Ltd. (NS:) lost 0.26% today while Wipro Ltd (NS:) gained 0.16%.

They were the main drivers for and the ending flat after a strong opening today. Nifty and the BSE Sensex both closed down less than 0.1% each. also lost 0.43% today.

Divi’s Laboratories Ltd. (NS:) gained 3.46% while Bharti Airtel Ltd. (NS:) closed up 2.95%. UltraTech Cement Ltd (NS:) and Tata Steel Ltd (NS:) gained over 1.5% each.

Specialty chemicals company Tatva Chintan IPO saw its issue get oversubscribed with 70 minutes of its launch.

Asian stocks took a beating today with down 0.98%, down 0.28% and the down 0.71%.  

US stock markets are set to open moderately higher later, on course for a fourth straight weekly gain. As of this report, were up 0.15%, while were up less than 0.1% and were also up a little more than 0.1%. Also of interest will be the release of retail sales data, which will serve as a gauge for the health of the consumer.


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