Markets open lower, IT shares slide

Mumbai : Markets opened lower following weak global cues and cautiousness prevailing ahead of the IT bellwether Infosys earnings on Tuesday. The S&P CNX Nifty declined 30 points, at 5,630 and the Sensex slipped 85 points, at 18,770.

On Friday Nifty index scaled to the 200-Day Moving Average (5,740), but slipped back due to selling pressure in late trades. Technical analysts expect the index to correct to 5,500 where there is a major support as the Nifty has retreated back in the falling trend line on the technical charts. The rally in the past two weeks has been merely an up move led by Foreign Institutional Investor fund flows of Rs 10,282 crore.