IT stocks decline led by global cues, oil prices and subdued equity indices

Weak global cues as well as rising crude oil prices subdued India's key equity indices -- S&P BSE Sensex and NSE Nifty50 -- during Tuesday's mid-afternoon trade session.

Globally, stock markets weakened following a decline in the US overnight as rising crude oil prices accelerated concerns about prolonged inflation and monetary policy tightening.

Among sectors, consumer durables and realty have gained the most, whereas, IT and Telecom have lost the most.

Consequently, the 30- scrip sensitive index traded at 60,181.97 points, around 2.30 p.m., up 46.19 points or 0.077 per cent from its previous close.

Besides, the NSE Nifty50 ended at 17,966.05 points, up by 20.10 points or 0.11 per cent.

"Nifty opened higher and made an intraday high during the first 10 minutes of the day. It later fell in line with other Asian markets and made low in noon," said Deepak Jasani, Head of Retail Research, HDFC Securities.

"A gradual recovery followed. Volumes on the NSE are in line with the recent average and the advance decline ratio is even."

According to Gaurav Garg, Head of Research, CapitalVia Global Research:

"Traders were cautious as a private report stated that the Reserve Bank is likely to change the stance of its monetary policy and hike rates from the first quarter of 2022."

"Some concern also came after the World Bank said that the debt burden of the world's low-income countries rose by 12 per cent as countries responded to the Covid-19 crisis with massive fiscal, monetary and financial stimulus packages."

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