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Markets flip flop; techs down, metals rise

Markets flip flop; techs down, metals rise
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First Published: Mon, Feb 08 2010. 10 22 AM IST
Updated: Mon, Feb 08 2010. 10 22 AM IST
Mumbai: Markets were trading 0.1% lower in seesaw trade on Monday, with software companies leading the decline, as anxiety over euro zone’s growing fiscal woes continued to dampen investor confidence.
Export-oriented software companies reeled under pressure, on concerns the orders from US banks may come down on President Barack Obama’s plan to limit banks’ risk-taking, even as it looked like the move may not be as strong as planned earlier.
Infosys Technologies was down 0.3%, while Tata Consultancy and Wipro shed 0.6% and 0.3% respectively.
By 9:42am, the 30-share BSE Index was trading down 0.12% at 15,896.44, with 13 of its components declining. The 50-share NSE index was up 0.1% at 4,760.15.
“Global cues are not very promising. FIIs (foreign institutional investors) are still in the selling mode.” said R. Ganesh, director of Systematix Shares, a Mumbai-based brokerage.
Foreign funds have pulled out around $1.5 billion from Indian equities over the last 10 trading sessions, on uncertainties over the recovery of global economy.
Metal makers such as Sterlite Industries and Hindalco firmed 1.3% and 1.5% respectively, on the back of a rebound in base metal prices.
Tata Steel, the world’s eighth largest steel maker by output, rose nearly 1% to Rs564.20.
Top power producer NTPC was down 0.6% at Rs203.75, on muted response to its follow on public offer, which was just covered on the final day.
In the broader market, gainers outnumbered losers in a ratio of 2.7:1, while 60 million shares changed hands on the Bombay Stock Exchange.
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First Published: Mon, Feb 08 2010. 10 22 AM IST
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