Nifty IT stocks underperform despite strong markets; TCS, Tech Mahindra among top losers

MindTree, Coforge, Larsen & Turbo Infotech were the only three IT companies listed on Nifty Index to trade higher.

Sep 16, 2021 02:09 IST India Infoline News Service

Bear Market
The Nifty IT Index underperformed despite the strong market on Thursday. Heavyweights Tata Consultancy ServicesTech Mahindra dragged the most while Oracle, Wipro, HCL Tech, and Infosys also weighed. MindTree, Coforge, Larsen & Toubro Infotech were the only three IT companies listed on Nifty Index to trade higher.

Besides IT stocks, media and metal stocks also underperformed in the strong market while the overall momentum is strong with Banking and FMCG stocks in the fast lane.

At around 2.50 pm, Sensex was trading at 59,173.90 up 450.7 points or 0.77% and Nifty50 at 17,633.00 up 113.55 points or 0.65%. Nifty IT was trading at 35,826.05 down 249.15 points or 0.69%, after touching a high of 36,310.75 and low of 35,694.85 during intraday trade on Thursday.

TCS dragged the most at Rs3,901.75 per piece down 1.35%. Oracle was 1.1% down at Rs4,814.05 per piece. Wipro, HCL Tech and Tech Mahindra dropped bwtween 0.95% to 0.75%. Infosys and Mphasis were 0.7% on the downside.

Infosys and Wipro unperformed despite annoucing new deals. Infosys collaborated with SAP for providing Business Process Transformation-as-a-Service to enterprises.

Wipro received multi-year IT managed services contract from Kuala Lumpur- headquartered Maxis Broadband Sdn Bhd, a leading converged solutions provider.

Coforge surged 1.2% at Rs5,434.15 per piece amidst the gloom. MindTree also gained 1% at Rs4,158.10 per piece. LTI was also 0.45% down.

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