Nifty IT halts winning streak after global tech biggies tumble overnight; Index sheds 195 pts; Infosys drags

Bear Market

IT stocks have halted their winning streak of earlier this week and were trading on a bearish note during Thursday’s session. This comes after when global tech biggies saw selling bias overnight.

At around 12.35 pm, Nifty IT was trading at 23,972.55 down 195.20 points or 0.81%. The index has tumbled to an intraday low of 23,828.05.

On the index, L&T Infotech took the top spot in the underperforming stocks list, tumbling by nearly 2%.

However, it was heavyweight Infosys which dragged the index most. The company was also the top underperformer on Nifty 50. The stock has plunged by over 1.5% at Rs1,233.70 per piece.

Nearly 1% drop each was recorded in Mphasis and While HCL Tech and TCS tumbled over 0.5%. Tech Mahindra and Wipro also plunged marginally.

On the other hand, Coforge and Mindtree were the only gainers, however, the upside in these two stocks was marginal.

On Wednesday night, US stocks closed on a mixed note due to a series of data suggesting economic rebound remains uneven led by the recent surge in the Coronavirus cases.

The Dow Jones Industrial Average and S&P 500 edged up by 114.32 points and 2.75 points respectively. However, the Nasdaq Composite which includes major technology stocks, settled lower by 36.80 points, or 0.3%, to 12771.11.

Apple, Microsoft tumbled nearly 1% each. While Amazon also slipped by 0.5%. Netflix closed 2.25% lower and Adobe Inc down by 1.4%. 

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