The Information Technology (IT) index on Friday faced the selling pressure with the Nifty IT emerging as a laggard in an otherwise buoyant broader market. At 12:34 PM, Nifty IT index was trading deep in the red at around 30,763.90, recording a sharp decline of 2.76 per cent.
The index opened slightly lower at 31,533.35 but quickly spiraled downward as institutional selling intensified throughout the morning.
By noon, the sentiment over IT stocks remained bearish with all 10 constituents of the index trading in negative territory.
The downward trajectory was primarily dictated by the two big Infosys and TCS which together command a massive weightage in the index.
At around 12:07, Infosys saw its share price tumble over 3 per cent, and was trading at around Rs 1285.40. Tata Consultancy Services (TCS) fell by more than 3 per cent to trade near the Rs 2,505 mark.
On Thursday, Tata Consultancy Services (TCS), announced its quarterly results on Thursday with the board approving a final dividend of Rs 31 per share.
Top losers on the Nifty IT index were led by Coforge, which fell Rs 47.40 or 3.75 per cent to Rs 1,217.50. Infosys declined Rs 47.60 or 3.57 per cent to Rs 1,284, followed by Mphasis, down Rs 76 or 3.19 per cent at Rs 2,309.30. Tata Consultancy Services (TCS) dropped Rs 80 or 3.09 per cent to Rs 2,509, while Larsen & Toubro Infotech (LTI) slipped Rs 126.50 or 2.77 per cent to Rs 4,445.50, rounding off the list of top laggards.
At open on Friday, the BSE Sensex was at 77,180.16 levels, up by 548.51 points or 0.72 per cent while the NSE Nifty50 was trading at 23,938.95 levels, up by 163.85 points or 0.69 per cent. Investors remain cautious about the fragile geopolitical backdrop in West Asia.
(Contributed by: Mridul Pandey)
TCS, Infosys, Coforge Hit Hard As IT Index Plunges Nearly 3%
