Nifty IT index under pressure; Coforge, TCS, Wipro emerge top losers

Oracle Financial Services Software Limited surged over 3% and Mphasis was also in the fast lane.

Jul 09, 2021 01:07 IST India Infoline News Service

Businessman sleeping with bear with down trend graph
The Nifty IT continued to struggle amid bearish markets on Friday. The IT sector is in focus as Tata Consultancy Services announced quarterly earnings on Thursday and other IT giants Infosys and Wipro will announced earnings next week.

Coforge sank ~3% while heavyweights TCS, and Wipro were also under selling pressure.

On a positive note, Oracle Financial Services Software Limited surged over 3% and Mphasis was also in the fast lane.

At around 1.15 PM, the Nifty IT was trading at 28,630.75 down 118.20 points or 0.41%, touching a high of 28,898.85 and low of 28,549.25 during intraday trade on Friday.

BSE Sensex was trading at 52,366.45 down 202.49 points or 0.39% and Nifty50 at 15,676.60 down 51.30 points or 0.33%.

Coforge shed 2.8% at Rs4,340.20 per piece to emerge the biggest laggard, a fall from yesterday after significant gains.

TCS was under pressure at Rs3,221.75, down 1.13% after the IT company reported lower consolidated profit at Rs9,008cr in Q1FY22 against Rs9,246cr in Q4FY21, it rose 28.5% yoy. Revenue increased to Rs45,411cr from Rs43,705cr yoy.

After TCS, investors would gauge Infosys and Wipro result which is also set to be announced next week. Infosys will present Q1 on July 14, while Wipro will announce on July 15.

Wipro dropped nearly 1% at Rs526.00 per piece. Tech Mahindra, HCL Tech, Infosys and LTI were also trading in the red. 

Oracle advanced 3.35% at Rs3,892.30 per piece to emerge the biggest gainer amid bearish sentiments. Mphasis gained 1.5% at Rs2,176.40 per piece. MindTree was also marginally higher. 

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