IT stocks slide

The market opened higher as buying momentum continued for pivotals at higher levels.The market was steady in mid-morning trade, as buying continued for index pivotals. Buying was seen in cement stocks while IT stocks saw unwinding.

At 11.58 am IST, the Sensex is up 45.22 points or 0.30% at 15317.94, and the Nifty up 10.60 points or 0.24% at 4515.15.

Cement major ACC was the top gainer from the Sensex pack. It was up 1.96% to Rs 1,117.25.Bajaj Auto (up 1.86% to Rs 2215), Reliance Communications (up 1% to Rs 560.25), and Hindalco Industries (up 1% to Rs 176.10) were the other gainers.

HDFC Bank was the top loser from the Sensex pack. The stock shed 2.25% to Rs 1,208. ITC (down 1.44% to Rs 153.50) and Satyam Computers (down 1.66% to Rs 485) were the other losers

Mid-cap software company Mastek jumped 13.66% to Rs 324 after it acquired insurance-focused IT company in the US. No other details were available. The company announced after the acquisition before market hours today, 16 July 2007.

Reliance Energy advanced 2.51% to Rs 692.20. Anil Ambani controlled Reliance Energy (REL) has set a target to bag at least two ultra mega power projects (UMPPs) of 4,000 mw each with an investment outlay of nearly Rs 40,000 crore.