Nifty IT index trades lower led by Tech Mahindra, Wipro

Shares of Tech Mahindra declined over 2.5% after the company reported lower than expected numbers for Q4FY19 on all fronts.

May 22, 2019 05:05 IST India Infoline News Service

IT Stocks
The Nifty IT index was trading in the negative zone on Wednesday as selling pressure seen in Tech Mahindra, Wipro and NIIT Tech.

Shares of Tech Mahindra declined over 2.5% after the company reported lower than expected numbers for Q4FY19 on all fronts. The company’s revenues declined by 0.6% qoq to Rs8,892cr against the median consensus estimate of Rs9,014cr.

Shares of Wipro, which declined 2%, were leding the index's fall. Shares of NIIT Tech, Infibeam, and TCS, which declined 1% each also contributing to the index's fall.

Shares of OFS and Mindtree trading slightly lower on the IT index.

On the flip side, shares of Infosys rose 1%, followed by HCL Tech and Tata Elxsi. 

Further, the index’s fall could also be attributed to a marginal appreciation in the Indian rupee against the dollar in today’s session. The Indian rupee gained 6 paise to 69.67/$ amid weakness in the greenback and easing crude oil prices. Also, strong FIIs inflows and higher domestic equity markets improved the sentiments for the local unit.

Meanwhile, the Sensex was quoting at 39,047, up 78 points, while the Nifty was at 11,718, up 9 points.

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