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Sensex, Nifty give up most gains after positive opening; weak rupee boosts IT stocks
Banks are trading in the red, whereas IT is the big gainer of the day on the back of a weak rupee.
Sharp selloff across all sectors has turned the market negative. The Nifty is trading below 11,550.
Weakness is visible among banks, pharmaceuticals, metals, FMCG as well as auto names. A fall of 1 percent on the Nifty Midcap index is also weighing on the market.
The Indian rupee extended its losses after opening at a fresh record low. It fell to 71.37 per US dollar and is currently trading around 71.28 levels. This weakness has boosted IT stocks.
Among shares, Persistent Systems is up over 2 percent on the back of an acquisition, while Infosys is up around 2 percent. The stock went ex-bonus today, which was announced in the ratio of 1:1 during its June quarter results announcement.
Shares of Persistent Systems gained over 2.5 percent on Tuesday morning as investors cheered its buyout of Herald Tech.
The company on Monday announced the acquisition of Herald Technologies, a start-up in the US, created to transform the data overload swamping healthcare professionals into clear and actionable insights.
The stock touched an intraday high of Rs 858.00 and an intraday low of Rs 845.05.
The market gave up most of its gains in the first few minutes of beginning trade, with the Nifty trading below 11,600.
The Sensex is up 9.89 points or 0.03% at 38322.41, and the Nifty down 6.80 points or 0.06% at 11575.60. The market breadth is narrow as 557 shares advanced, 457 shares declined, and 41 shares are unchanged.
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