Market Now: Nifty IT index in the red; Infosys top drag

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NEW DELHI: The Nifty IT index was trading 0.36 per cent down at 13,212 around 01:25 pm (IST) dragged by the index heavyweight Infosys (down 3.33 per cent).

Shares of Infosys fell as the company lowered its margin guidance to 22-24 per cent for FY19 from 23-25 per cent in FY18. The company gave FY19 revenue guidance of 6-8 per cent in constant currency terms and 7-9 per cent in dollar terms which just met Street expectation.

Shares of Infibeam Incorporation (down 1.57 per cent), Wipro (down 1.09 per cent), KPIT Technologies (down 0.70 per cent) and Tata Elxsi (down 0.44 per cent) were also in the red.

However, shares of Oracle Financial Services Software (up 1.94 per cent), Mindtree (up 1.20 per cent), HCL Technologies (up 1.08 per cent), Tata Consultancy Services (up 1.04 per cent) and Tech Mahindra (up 0.48 per cent) were trading with gains around the same time.

Benchmark NSE Nifty50 index moved up by 8 points, touching 10,488-mark on optimism around easing wholesale price inflation. A data released by the government today showed that the WPI inflation eased marginally to 2.47 per cent in March on cheaper food articles.

The BSE Sensex was 4 points down at 34,189.

Among the 50 stocks in the Nifty index, 31 were trading in the green, while 19 were in the red.

Shares of Cipla, with gains of over 4 per cent, were leading the Nifty pack.

On the other hand, Tata Motors was the top loser in the Nifty index, cracking almost 5 per cent.

Source: Economic Times