Nifty IT in a bloodbath, index plunges by 1% after inflation, IIP data; Wipro, Mindtree top bears

On the index, Wipro was the top bear slumping by 2% followed by Mindtree plunging 1.69%.

May 14, 2021 11:05 IST India Infoline News Service

On Friday morning trade, Indian markets was trading on a flat note with retail inflation and IIP data released later in the day. Further surging commodity prices and growing inflationary pressure globally lead to earlier rate hikes and higher bond yields which could result fear in the market for the investors.

Nifty IT stocks was under sharp selling pressure amid weakening in global tech stocks. However, global news flows and sector specific development are the key monitorables for the market. US markets ended higher amid release of macroeconomic data and value buying despite concerns about inflation.

At around 11:21 AM, Nifty IT was trading at 25,579.85 down by 275.60 points or 1.07%. The index has tumbled to an intraday low of 25,533.85 and has touched an intraday high of 25,901.20 during early trading hours on Friday.

The broader markets are trading on a flat note with Nifty 50 witnessing profit booking. The 50-scrip struggles to hold 14,700-level.

Nifty IT was in a bloodbath with only 1 scrip in advancing note while all other 9 scrips were on the downside.

On the index, Wipro was the top bear slumping by 2% followed by Mindtree plunging 1.69%.

Heavyweights Mphasis and L&T Infotech trading on a downside tumbling by 1.4% and 1.2% respectively. Mphasis gross revenue rises 9.8% yoy on accelerated digital trasformation in FY21 result.

TCS and Coforge slipped by 1.1% and 1% respectively. TCS launched Cloud-Based Intelligent Subscription Solution for media companies to enhance customer experience and increase revenue.

Heavy-tech Companies like Infosys and Tech Mahindra nosedived by nearly 1% each. Infosys infomred that it collaborates with RXR Realty to develop a smart office platform running on Microsoft Azure for safe return to work.

Meanwhile, Oracle Finance Services was the only top gainer soaring by 0.3% at Rs3710.00 per piece on the index.

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