There is some amount of hope sorrounding European opening as Sensex recovered over 100 points from the day's low. At 11:45 hours IST, the 30-share BSESensex recovered mildly to trade 384 points lower at 16,920. Nifty retraced back to the psychological 5100 level.
Sanjay Dutt of Quantum Securities doesn't see buying coming into the market anytime soon due to technical reasons. However, from a valuation standpoint he sees India as one of the most competing markets in the world.
Technology stocks like TCS and Infosys were down 5.5%. Wipro tanked nearly 5% and HCL Tech plunged close to 8%. Dutt continues to remain bearish on the IT sector. He suggests investors to stay away from the IT stocks for sometime.
About 13 shares were falling for every one share rising on the National Stock Exchange, which looked better than advance:decline ratio of 1:20 in initial trade.
Crude oil prices slipped further. Brent crude was trading at USD 105.79 a barrel, down USD 3.58.
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