Nifty IT index nosedives 800 pts on broad-based selloff; Heavyweights Infosys, TCS, HCL Tech, Wipro fall steeply

27 Jan 2022 , 10:40 AM

Technology stocks in India extended their free-fall on Thursday as investors make a frenzy selloff in the sector on a global level. Heavyweights TCS, Wipro, HCL Tech, Infosys were the worst hit and major movers of the index. The performance comes after Federal Reserve signalled it plans to begin raising interest “soon” to fight inflationary pressure which weigh on markets globally. 

At around 10:40 AM, Nifty IT was trading at 33,906.30 lower by 801.15 points or 2.31%. The index has touched an intraday high and low of 34,362.85 and 33,766.45 respectively. On the Nifty IT index, all stocks were in red zone with the downside ranging from 2% to nearly 5%. 

Heavyweight Mindtree was the top bear nosediving by nearly 5% followed by L&T Technology Services slipping 3.5%. HCL Tech also dipped 3.2%.

Coforge shed 3%, while Mphasis dived 2.8%. LTI and Tech Mahindra dropped over 2.5% each. Wipro is down 2.4%.

Tech peers TCS and Infosys also plunged around 2% each to drag the overall index.

The deep red tone in technology stocks resulted in volatility as investors expect the first in a series of rate hikes to happen in March. Further, market heads also brace their bets for the Union Budget 2022-23 scheduled for February 01, 2022.