Nifty IT sheds over 200 pts as index heavyweight TCS, Tech Mahindra weigh down

Oracle Financial Services Software Limited had a good bull run amidst the gloom in the sector.

Jul 06, 2021 02:07 IST India Infoline News Service

Bear Market
Nifty IT stocks emerged the top bear on Tuesday amid bullish markets on Tuesday. Heavyweights Tech Mahindra and TCS dragged the most while Oracle Financial Services Software Limited had a good bull run amidst the gloom in the sector.

BSE Sensex was trading at 53,104.39 up 224.39 points or 0.42% and Nifty50 at 15,896.15 up 61.80 points or 0.39%. Sensex crossed record 53k on Tuesday.

The Nifty IT was trading 28,743.65 down 206.95 points or 0.71%, after hitting a high of 28,986.10 and low of 28,727.40 during intraday trade on Tuesday.

Tech Mahindra and TCS declined despite announcing separate strategic partnerships. Tech Mahindra shed 1.9% at Rs1,054.40 per piece.
TCS was 1.4% on the downside at Rs3,274.70 per piece.

Tech Mahindra Ltd. has partnered with StaTwig, Singapore and Hyderabad based digital supply chain solution provider, to implement ‘VaccineLedger’ globally.

Tata Consultancy Services (TCS) has entered into a strategic partnership with India’s premier OTT streaming platform, SonyLIV, to help create an innovative business model enabled by digital technologies, enhance customer experience, and pave the path to future growth.

MindTree (down 0.67%), nfosys (down 0.59%), Coforge (down 0.59%), Wipro (down 0.57%) and HCL Tech (down 0.46%) were also under pressure. Board of Coforge on Tuesday has approved capital raising up to Rs375cr.

Amidst the IT bears, Oracle advanced 3.7% at Rs3,730.50 per piece. Mphasis and Larsen & Turbo Infotech were also trading higher.

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