Markets open flat; IT stocks down

Markets opened the day flat, tracking other Asian peers and also on strong closing in the US markets which rallied on strong US new home sales data, indicating a pickup in economic recovery of the world's largest economy.

The Sensex was trading at 17236.44 up 29.15 or 0.17% and the Nifty was trading at 5233.40 up 10.75 points or 0.21% at 9.30 am IST.

However, IT stocks reversed the gains and were seen trading lower, dragged down by Wipro, which posted dismal revenues and on the back of not encouraging guidance for the first quarter of 2012-2013.

The Wipro stock was down almost 7% in early trade, while TCS was lower by 1.4% and Infosys was down 0.79%.

Among the stocks that gained today in the morning trade were the Sesa Goa, Sterlite Industries, Ranbaxy Laboratories and Dr Reddys Lab.

While on the losing side, the stocks that failed to lure investors in the morning trade were Siemens,Reliance Power and GAIL.

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