Nifty IT index in a bloodbath, plunges over 1% with all stocks in red; TCS, Infosys, Wipro weigh

Majority percent of the workforce along with IT sector in the country is expected to end work from home culture from January 2022 onwards.

November 11, 2021 10:40 IST | India Infoline News Service
Businessman sleeping with bear with down trend graph
The Nifty technology stocks were under deep red on Thursday amid weak global cues. The IT stocks have shunned over 450 points so far today as investors are troubled due to rising inflation crisis. All stocks listed on the index have tumbled ranging from 0.5-3%. The performance of all the stocks is actively monitored by the investors as financial earning season is in the spotlight. Meanwhile, rising inflation is emerging as a threat to the global equity rally, at least in the short-term which indicates market riders to play cautiously.

According to the media reports, Consumer price inflation in the US has risen to a 30-year high of 6.2% yoy in October. Core inflation rose to 4.2%. In China, too, producer price inflation has risen to 13.5%. This has the potential to spill over to global commodity inflation.

At around 10:40 AM, Nifty IT was trading at 35,273.75 down 449.20 points or 1.26%, touching intraday low of 35,268.50 on Thursday.

On the trading window, all companies traded in the red with Tech Mahindra leading the laggards at Rs1,533.30 per piece, down over 2%. Wipro and Infosys dropped 1.49% each at Rs642.90 per piece and Rs1,714.35 per piece respectively. Coforge also declined 1.25% at Rs5,287 per piece.

MindTree, HCL Tech, TCS also decline between over 1% each to drag the index while Larsen & Toubro Infotech, MPhasis and LTTS was also marginally lower as the Index had all 10 listed stocks in the red zone.

Furthermore, as the Covid-19 crisis appears to be smoothening and vaccination drive is making progress, majority percent of the workforce in the country is expected to end work from home culture from January 2022. The IT industry is also now prepared to open up along with the rest of the India.

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