Punjab, Sept. 22 -- The Nifty snapped a four-day winning run, closing at 23,329, with the Sensex down 330 points. The market opened higher on a strong overnight session in New York and gave it all back. IT did most of the damage.
What turned it
IT stocks came under pressure after brokerages flagged subdued demand and concerns about the medium-term earnings outlook.
That is the sector India can least afford to have downgraded right now. IT has been the cushion on every bad session this month - dollar earners benefit from a rupee near 96 - and a demand warning removes the reason that cushion existed.
Crude firming again, foreign institutional selling and profit-taking after four up days did the rest.
The morning was misleading
GIFT Nift...