Nifty IT joins bearish markets tone, index dips near 130 pts; Infosys star performer; Wipro, LTI, Mphasis top bears

The technology stocks have shown a good rally in the US and other Asian counterparts due to the strong dollar after a hawkish statement from US Federal Reserve.

Jun 18, 2021 02:06 IST India Infoline News Service

Stock market report with bull and bear
After a brief moment of upside in the early trading bell of Friday, the Indian IT stocks have joined the bearish bandwagon of overall markets. However, unlike other sectoral indices, the losses in IT indices are on a limited basis. The technology stocks have shown a good rally in the US and other Asian counterparts due to the strong dollar after a hawkish statement from US Federal Reserve.

Despite a sudden selloff, the strong US benchmark dollar index along with concerns about the third wave of Coronavirus pandemic has still made IT stocks a favourable pick. These stocks are seen to move upside in both short-term and mid-term level going forward.

Experts have already recommended adding quality IT stocks with strong fundamentals to the portfolio. These stocks would be top tech giants such as TCS, Tech Mahindra, Infosys and HCL Tech.

At around 2.21 pm, Nifty IT was trading at 28,482.20 lower by 129.15 points or 0.45%. The index has touched an intraday high and low of 28,934.05 and 28,227.55 respectively.

Infosys is the only gainer on the index, however, with a marginal upside. Heavyweight TCS was trading on a subdued note.

L&T Infotech was the top bear tumbling 2.2% followed by Mphasis plunging 1.7%. Wipro dived by 1.2%.

HCL Tech and Tech Mahindra shed 0.7% and 0.8% respectively. Oracle Financial Services dipped by 0.5%. Mindtree and Coforge are marginally down. 

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