Markets in the red; Infosys, HCL, TCS buck trend

Markets are running in the red after ending in the green on Thursday. While Sensex opened at 58,021.63 and slipped over 1 per cent, Nifty fell over 250 points to dip below 17,000.

Apart from Infosys, HCL and TCS, all other counters in the BSE Sensex are in the red with IndusInd and Titan being the biggest losers, shedding over 3 per cent till 11.46 am.

“Although the Indian markets are trading on a negative note, some of the IT stocks are witnessing some green shots on the back of buying strength as the weakening rupee is favouring the sentiments of the investors. Fears of accelerated tapering of the US Federal Reserve’s asset buying programme, as well as concerns over India widening trade deficit, have pushed the Indian rupee lower,” said Likhita Chepa Senior Research Analyst at CapitalVia Global Research.

On the other hand, rate sensitive stocks like financial and auto have been witnessing selling pressure as potential increase in the interest rates in the coming quarters would make investors pull out their money from high beta sectors and park their funds in comparatively safer avenues.

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