Sensex erases initial gains, down 176 points


Mumbai: BSE benchmark Sensex shrugged off its early gains and was trading 176 points down at mid session on heavy selling in fundamentally strong IT stocks led by Infosys amid weak Asian trend. Bombay Stock Exchange benchmark Sensex, which climbed to 19,649.22 in morning trade, fell by 176 points to 19,210.82 level at 1215 hrs, dragged down by a poor performance of Infosys, the most important scrip on 30-share index after Reliance Industries. Similarly, the broad-based National Stock Exchange index Nifty dropped by 55.45 points to 5,769.10 level, after touching a high of 5,897.90 during early trade. The IT sector suffered the most as Infosys dropped by 2.03 per cent to Rs 2,928.25 a piece and Tata Consultancy Services, India's largest software exporter, by 2.49 per cent to Rs 1,160.90 on BSE on fears that rising global inflation might become a hurdle for software business.
Source: PTI