Sensex drops 269 pts, Nifty holds 23,500, IT stocks climb

Domestic shares settled on a slightly sour note Friday. The Nifty 50 held the 23,500 mark, giving up some of its morning gains. Investors seem to be taking a breather with no major economic data or events on the horizon. While FMCG, PSU banks and oil & gas stocks fell, IT and consumer durables stocks managed to stay afloat.