Mumbai: The BSE benchmark Sensex fell by over 221 points in opening trade on Tuesday, dragged down by IT stocks amid a weakening trend on other Asian bourses. (Agencies)
The 30-share Sensex, which lost 57.60 points in the previous session, fell by 221.31 points, or 1.30 percent, to 16,803.78 in opening trade on Tuesday.
In a similar fashion, the wide-based National Stock Exchange Nifty index declined by 67.70 points, or 1.32 percent, to 5,050.55.
The disappointing Q2 results of the country's largest software exporter, Tata Consultancy Services (TCS), dampened the trading sentiment in IT stocks, according to brokers.
TCS yesterday reported a 6.1 percent growth in consolidated net profit to Rs 2,301 crore for the second quarter ended September 30, 2011, which was below the market expectations.
In addition, continued selling by funds and retail investors amid a weakening trend on other Asian bourses following overnight losses in the US market -- as concerns over the lingering euro zone debt crisis came to the fore again -- pulled down the markets, they said.
The IT sector index registered the biggest decline among all the sectoral indices on the BSE, losing 3.44 percent to 5,475.17 after TCS stock plunged by 6.93 percent to Rs 1,042.20, while Infosys Technologies shed 1.97 percent to Rs 2,693.
In the Asian region, Hong Kong's Hang Seng index was down by 2.7 percent and Japan's Nikkei by 1.54 percent in early trade today. The Dow Jones Industrial Average in the US ended 2.13 percent lower on Monday.
Mumbai: The BSE benchmark Sensex fell by over 221 points in opening trade on Tuesday, dragged down by IT stocks amid a weakening trend on other Asian bourses.