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Sensex, Nifty slide; IT Index at Record Sour on Weak Rupee

Equity benchmarks fell on a negative territory on Monday tracking a similar tendency in the Asian markets. Heavy selling pressure was observed in banking, auto and metal stocks.  During late morning deals, the broader Nifty50 on the NSE traded at 11,365-marks, lower by 64 points, while the BSE Sensex was at 37,647-level.

Among sectoral indices, Nifty IT index was up 0.82% at 14,799.10 with Tech Mahindra, Mindtree, Tata Elxsi, KPIT Technologies, Oracle Financial Services Software, trading higher upto 2.90 percent on the National Stock Exchange.

Even though the equity market was under stress, shares of Bharat Bijlee went up 8.34% at Rs. 1271.60 per share on NSE, followed by Hindustan National Glass & Industries  (up 5.52%), JTEKT India (up 4.54) and PC Jeweller (up 3.6%) on NSE during the day.

Nifty PSU Bank drops 2.46 percent at Rs 3,170.80 in the index. State bank of India, Andhra Bank, Bank of India were the top index losers falling upto 2.92 percent.

GAIL (India), Tech Mahindra, Cipla, Coal India, Sun Pharma were leading among Nifty constitutats. Among the fifty stocks in the Nifty pack, 20 stocks were advancing, while 30 were declining.