Indian equity indices opened on a gap-down note on Monday amid weak sentiments due to lacklustre fourth-quarter earnings from top two IT firms and rising odds of a US Federal Reserve rate hike in May.The Nifty IT index fell over 6% in early trade
The Nifty 50 index fell 191 points or 1.08% to 17,636, while the S&P BSE Sensex dropped 778 points or 1.29% to 59,666, as of 9.30 am.
From the Sensex pack, Infosys and Tech Mahindra were the top losers, falling 7-11%. Wipro, HCL Tech, TCS, HDFC Bank, HDFC and NTPC also opened in the red.
On the other hand, Power Grid, Nestle, IndusInd Bank, Axis Bank, UltraTech Cement and Tata Steel traded with gains.
Shares of Angel One, Just Dial and TV 18 Broadcast surged nearly 2% ahead of Q4 results today.On the sectoral front, Nifty IT plunged 6.71% and Nifty Financial Services declined 0.28%. Media, metal, healthcare, consumer durables and oil & gas sectors also opened with cuts. In the broader market, Nifty Smallcap50 dropped 0.72% and Nifty Midcap50 declined 0.66%.
“FPI buying and short covering have been driving the current rally. Global market construct has also been positive. T ..