MARKETS LIVE: Sensex trims some losses, down 600 pts; PSU bank, IT drag
The benchmark indices are trading around 2 per cent lower tracking their Asian peers which sank on Thursday after Wall Street suffered its worst drubbing in eight months. A sinking rupee also added to investors' concerns. The rupee also slipped to a new record low of 74.48 against the US dollar so far in intra-day trade, down 26 paise from its previous close. Among the sectoral indices, the Nifty IT index has slipped over 3 per cent led by losses in the shares of Infosys and Tata Consultancy Services (TCS). The Nifty Metal index too has fallen over 4 per cent weighed by Tata Steel and Vedanta. Stock specific actions are likely to continue as the IT bellwether TCS is slated to announce its September quarter earnings later today. Majority of the analysts expect IT companies to report healthy numbers led by the ramp-up of recent large deal wins, improving the macro environment, and strong seasonality. CATCH ALL THE LIVE UPDATES Business Standard