Sensex off highs IT drags

SENSEX-OFF-HIGHS-IT-DRAGS:Sensex off highs IT drags

 

Reuters Market Eye - Key benchmark indexes are off highs, although still trading keeping gains, as IT stocks dragged indexes on poor near-term demand outlook due to delays in decision making, traders say.

The Sensex rose around 0.2 percent.

Macquarie Equities Research downgraded Indian IT services sector on Monday to "underweight" from "overweight", citing demand concerns as Infosys delays joining dates for new hires, adding to its bench strength of about 30 percent.

Given the bearish outlook, Macquarie has cut ratings on India's top three software exporters Tata Consultancy Services , Infosys and Wipro to "underperform".

Tata Consultancy Services fell 1.7 percent while Infosys fell 0.4 percent.