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.