Bloodbath in Nifty IT, slips near 1,040 pts so far today with all stocks in red; Mphasis top bear; TCS, Wipro, Infosys, HCL drag

The index has hovered between 36,082.00 and 34,994.50 respectively. All stocks listed on Nifty IT have tumbled ranging from 1-5%.

Sep 28, 2021 01:09 IST India Infoline News Service

Market_Down
Technology stocks were under deep red on Tuesday as global tech stocks witnessed selling pressure amid rising US government borrowing costs for a sixth week. Nifty IT stocks have plunged by at least near 1,040 points so far today. While the index has hovered between 36,082.00 and 34,994.50 respectively. All stocks listed on Nifty IT have tumbled ranging from 1-5%.

At around 1.34 pm, Nifty IT was trading at 35,133.55 nosediving by 900.85 points or 2.50%.

Mphasis was the worst hit on the index tumbling 4.5% followed by Mindtree plunged 4%. Coforge and L&T Infotech dipped 3.8% each.

Tech Mahindra and HCL Tech shed 2.9% and 2.5% respectively. Infosys plumetted a little over 2%. Wipro and TCS dropped 1.7% and 1.8% respectively.

Oracle Financial Services fell 1.2%.

Globally, investors are picking on higher interest rates with crude oil prices lifting the energy sector.

Overnight, the tech-heavy Nasdaq closed lower by 77 as bond yields rose to 4-month highs. US 10-year yield hits 1.48% which prompts profit booking in technology stocks while banks see buying. The oil acts as a catalyst for higher yields as WTI hits 2-year highs with the inflation threat now a reality.

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