IT pulls Sensex by 99 pts

Shrugging off weak global cues, the Indian markets opened on a positive note on Monday before erasing all its early gains on the back of heavy selling in the IT and telecom stocks.

Written by Markets Bureau

January 15, 2008 00:36 IST

Shrugging off weak global cues, the Indian markets opened on a positive note on Monday before erasing all its early gains on the back of heavy selling in the IT and telecom stocks. The 30-stock Sensex of the BSE ended losing 99.40 points or 0.48% to close at 20,728.05 points, while the broader S&P CNX Nifty of the National Stock Exchange (NSE) ended up flat at 6,206.80 points. After witnessing a very choppy last week, the focus shifted again on the small- and the mid-cap stocks on Monday with BSE Small Cap index gaining 168.37 points or 1.33% to close at 11,352.71 points and the Mid-Cap index gaining 98.42 points or 1.04% to close at 9,536.90 points.

The IT and technology stocks were hardly hit amid concerns of a slowdown in the US economy with BSE IT index dipping 116.82 points or 2.85% before closing at 3,987.06 points followed by BSE TECk which lost 82.56 points or 2.17% to before finally closing at 3,720.73. BSE Oil & Gas index led the way gaining 294.23 points or 2.13% before closing at 14,126.83 points.

This article was first uploaded on January fifteen, twenty eight, at thirty-six minutes past twelve in the am.