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IT stocks face the heat
Tue, 17 Mar 01:30 pm

Indian markets retreated from their day highs as investors booked profits. BSE Sensex is trading with gains of 200 points while NSE-Nifty is trading with gains of 55 points. Most of the sectoral indices are trading the green, however, the information technology (IT) sector has shown some weakness and is trading marginally in the red. BSE Mid Cap and BSE Small Cap indices have advanced with moderate gains. Midcap stocks have gained 0.6% while Smallcap stocks are up by nearly 0.5%.

Commodities are trading in the red. Gold price, per 10 grams, has lost about 0.2% or Rs 40 and is trading at Rs 25,700 levels while silver price, per kilogram, has lost 0.5% or Rs 170 and is trading at Rs 35,400 levels. Crude oil prices are trading marginally in the green after falling over 10% last week. Crude oil price per barrel is trading with gains of 0.5% or Rs 14 at Rs 2,780 levels. The value of Indian Rupee declined against the U.S. Dollar. It is trading with 0.2% losses or 0.11 at Rs 62.70 levels.

Asian stock markets closed today's session with modest gains. Japanese, Chinese, Taiwanese and Korean markets ended with 1%, 1.6%, 0.3% and 2%, respective gains while Hong Kong markets ended the trading session with 0.2% losses.

IT sector has witnessed profit booking during today's trading session. Shares of Just Dial, however, has increased about 1.5% after the company said that it would make a one-time investment of Rs 1 billion in fiscal 2015-16. The investment will be towards marketing. The company further told that it would be focusing on starting a new campaign named Search Plus business. This would enable the users to use it as an ecommerce platform. Users would be in a position to buy movie tickets, take doctor appointments and order flowers.

The capital goods sector has traded with 1% gains in the first half of the trading session. Sunil Hitech Engineers acquired an order which is of Rs 1.22 billion in value. The project has been awarded by Ministry of Road Transport and Highways, Karnataka. The project includes maintaining and upgrading 2 lanes of Madhugiri - Chikkaballapura - Mulbagal section of Karnataka. The timeline for the completion of the project is 24 months. Shares of Sunil Hitech gained more than 12% after such development.

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