Sensex slips, IT, telecom stocks under pressure

MUMBAI, INDIA: A benchmark index for Indian equities markets on Wednesday, which started on a subdued note, fell in opening trade amid negative cues from other Asian bourses.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange, which opened at 16,490.78 points, was ruling 16,413.45 points, down 85 points compared to its previous close at 16,498.47 points, which was helped by IT majors.

The 50-scrip S&P CNX Nifty of the National Stock Exchange was also trading lower, 0.92 per cent down at 4,907.55 points.

The BSE midcap index was up 0.36 per cent, while the BSE small cap index was up 0.58 per cent. It index was at 4838.75.

IT, telecom and metal stocks were facing bulk of the selling pressure, while consumer durables scrips saw some buying.

Among major gainers on the Sensex were Hindustan Unilever, Cipla, DLF and Sterlite Industries. The losers included Tata Power, Jindal Steel, Coal India and TCS.

At 12.25 p.m, Infosys stood aat Rs 2,250.95, down over 1 per cent, while TCS was at Rs 966.75, down by 1.30 per cent. Wipro, at Rs 328.30, was down by 1.46 per cent. While Bharti Airtel was down 0.73 per cent at Rs 398.65, interestingly  RCom was up 2.70 per cent at Rs 81.75. MTNL was at Rs 37.15, down 0.93 per cent, while Tata Comm was up 1.45 per cent at Rs 202.60.

Traders at Asian markets continued to be cautious about the health of the US economy and worsening eurozone debt crisis.

The benchmark Japanese Nikkei was ruling 1.01 per cent lower at 8,644.96 points while the Chinese Shanghai Composite index was flat at 2,553.79 points.

Hong Kong's Hang Seng was trading 1.27 per cent lower at 19,623.03 points.