Market Now: Infosys, Wipro drag Nifty IT index down

Market Now: Infosys, Wipro keep Nifty IT index down
Sun Pharmaceutical Industries, ITC, Bajaj Auto, Axis Bank and YES Bank were among the top losers in the Nifty index.
NEW DELHI: IT stocks struggled during afternoon trade on Friday.

Tata Elxsi was down 4.26 per cent, Mindtree 1.75 per cent, OFSS 1.51 per cent, Infosys 1.29 per cent and Wipro 0.90 per cent.

Their weakness showed up on the Nifty IT index, which was trading 0.21 per cent down at 13,445 around 02:30 pm.

Infibeam Incorporation (up 2.06 per cent), Tech Mahindra (1.29 per cent), HCL Technologies (0.91 per cent), KPIT Technologies (0.72 per cent) and Tata Consultancy Services (0.15 per cent) moved up, limiting the damage.

Equity benchmarks fared badly amid weak global cues and doubts about the US and China resolving their trade dispute. The negotiations entered second day on Friday.

The NSE Nifty50 index lost 60 points at 10,620 while the BSE Sensex was 197 points down at 34,906.

Of the 50 stocks on the Nifty index, 18 had a good day while 32 slumped.

Adani Ports & SEZ, GAIL (India), Tech Mahindra, HCL Technologies and HDFC Bank were top gainers in the Nifty pack.

On the other hand, Sun Pharma, ITC, Bajaj Auto, Axis Bank and YES Bank lost big time.