IT stocks suffer setback on sell-off

MUMBAI DEC. 4. Led by IT stocks, select key stocks suffered a sharp setback and the Sensex extended its losses for the second successive day on the Bombay Stock Exchanges today on fresh selling pressure by operators as well as Foreign Institutional Investors (FIIs).

FIIs, led by Morgan Stanley, were reportedly heavy sellers in technology stocks like Infosys Technologies, Satyam Computers, HCL Technology and others including several second-line software shares.

The BSE 30-share index, which opened firm at 3243.86 as a result of an erroneous entry of the heavyweight counter Hindustan Lever (HLL) opening rate as Rs. 180 from overnight closing rate of Rs. 172.35, later dipped below 3200-level to the intra-day low at 3188.78 before ending at 3207.36 against 3230.14, netting a loss of 22.78 points. The BSE-100 Index fell sharply by 24.40 points to 1577.19 from 1601.59.


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