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

Tech Mahindra stocks in focus as it will announce its earnings on October 25.

Oct 21, 2021 10:10 IST India Infoline News Service

Businessman sleeping with bear with down trend graph
Nifty technology stocks were under deep red on Thursday amid mixed global cues. The IT stocks have shunned over 700 points so far today after the fresh start of opening gains. All stocks listed on the index have tumbled ranging from 1-6%. The performance of all the stocks is actively monitored by the investors as financial earning season is on the pace. Meanwhile, development in China's Evergrande Group crises is also a major concern for the market players.

Mindtree shed over 6% while L&T Tech Services, Coforge was down over 3%. LTI, Mphasis, Tech Mahindra, HCL Tech, TCS also nosedived between 2-3%. Index heavyweight Infosys and Wipro further traded lower to weigh down on the sectoral index.

At around 10:45 AM, the Nifty IT was trading at 36,124.85 down 721.95 points or 1.96%, after touching a high of 36,988.90 and low of 36,089.10 during intraday trade.

Mindtree tumbles 6.06% at Rs4,481 per piece to drag the sector after Western Asset selects Mindtree as a strategic partner to drive enterprise innovation and transform IT services. LTTS was 3.90% down at Rs4,759.90 per piece.

Coforge was down 2.90% on the downside at Rs5,651.85 per piece. L&T Infotech shed over 2% at Rs6785 per piece.

Mphasis and Tech Mahindra dragged the sector further by declining 2.19% and 2.18% respectively while HCL Tech and TCS were nearly 1.5% down. Infosys and Wipro were also 0.92% and 0.75% respectively lower as the IT Index had all the 10 declines on the NSE.

Furthermore, Tech Mahindra stocks in focus as it will announce its earnings on October 25. 

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