Nifty IT in a bloodbath, index nosedives over 700 pts so far today with all stocks in red; TCS, LTI, Coforge weigh

All stocks listed on the index have tumbled ranging from 1-4%.

November 18, 2021 10:35 IST | India Infoline News Service
Nifty technology stocks were under deep red territory witnessing heavy selling pressure on Thursday amid mixed global cues. The IT stocks have shunned over 700 points so far today dragging overall markets.

All stocks listed on the index have tumbled ranging from 1-4% in the morning trade.

The performance of all the stocks is actively monitored by the investors as financial earning season is on the centre stage. Meanwhile, worldwide inflation crisis which are overshadowing strong retail earnings is also the prime concern for the market players.

On Thursday, LTI shed around 4% while Coforge, HCL Tech was down 3% each. TCS, Tech Mahindra, Mindtree, LTTS also nosedived between 2-3%. Index heavyweight Infosys, Wipro and MPhasis further traded lower to weigh down on the sectoral index.

At around 10:35 AM, the Nifty IT was trading at 35,956 down 704.90 points or 1.92%, after touching a high of 36,702.40 and low of 35,949.05 during intraday trade.

LTI tumbles 3.5% at Rs7,138.15 per piece to drag the sector. Coforge was 3.18% down at Rs5,653.73 per piece.

HCL Tech was down 2.97% on the downside at Rs1,118.25 per piece. LTTS shed over 2.5% at Rs5,534.75 per piece.

MindTree and Tech Mahindra dragged the sector further by declining 2.22% and 2.08% respectively while TCS and Wipro were nearly 2% down. Infosys and MPhasis were also 1.03% and 1.34% respectively lower as the IT Index had all the 10 scrips in bloodbath on the NSE. 

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