The 50-share Nifty was trading close to its important psychological level of 8,250 on the back of losses in TCS, ITC, Infosys, L&T and Bharti Airtel.
The Indian benchmark indices have been facing the facing the heat of selling pressure since quite some time now. The Sensex has fallen over 1,800 points in the last nine trading sessions while the Nifty is down 900 points (10 per cent) from its peak in March 2015.
Meanwhile, IT and FMCG stocks were among the worst hit in the morning deals. The BSE IT index fell 0.6 per cent on the back of losses in TCS, HCL Technologies, Wipro and Infosys.
The FMCG stocks were also facing selling pressure. FMCG heavyweight ITC was trading 1.5 per cent lower at Rs 332.
From the Nifty-50 basket of stocks, 27 stocks were declining while 23 were advancing.
Shares of Bharti Airtel fell over 1 per cent to Rs 391 after the company said that its net profit for the January-March quarter profit rose 30.5 per cent to Rs 1,255 crore, buoyed by a robust customer growth and rise in mobile data revenue.
However, the results fell short of the Street expectations which resulted in selling pressure in the stock.
Sesa Sterlite, ITC, TCS, Tata Motors, BPCL, Infosys, Kotak Mahindra Bank, SBI, Cairn India and Wipro were also among the laggards on the Nifty.
On the other hand, Idea Cellular was the top Nifty gainer. Lupin, Tata Steel, Axis Bank, ICICI Bank, UltraTech Cement, Sun Pharma, HUL and Hero MotoCorp were among the gainers.
As of 9:45 a.m., the Sensex was down 32 points at 27,363 and the Nifty was at 8,273 down 12 points.
via Business - Google News http://ift.tt/1JR2s0V
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