Nifty IT tumbles over 2% amid volatile trade; HCL Tech, LTI, Wipro, Infosys, Mindtree weigh down

Heavyweights Tech Mahindra, Wipro and Infosys also struggle on Monday.

Sep 27, 2021 12:09 IST India Infoline News Service

Bear Market
The Nifty IT stocks tumbled more than 2.5% amid volatile trade on Monday. Coforge, Mphasis, Mindtree, HCL Tech, L&T Infotech shed over 3%. Tech Mahindra, Wipro, Oracle, Infosys also nosedived between 2-3%. Index heavyweight TCS further traded lower to weigh down on the sectoral index. 

The Indian equity benchmark indices opened near record highs today following positive cues from global markets. Sensex has hit a new 52-week high of more than 60,412. While the Nifty 50 index was near its record level of 17,947. 

At around 12.15 pm, Sensex was trading at 60,113.03 up 64.56 points or 0.11% and Nifty50 17,868.55 up 15.35 points or 0.09%.

The Nifty IT was trading at 36,266.95 down 836.30 points or 2.25%, after touching a high of 37,345.05 and low of 35,986.20 during intraday trade.

Coforge tumbles 4.4% at Rs5,401 per piece to drag the sector. Mindtree was 3.85% down at Rs4,424.35 per piece after the company was recognized by Great Place to Work as one of India’s Best Workplaces for Women 2021. 

HCL Tech was down 3.35% on the downside at Rs1,312.60 per piece. Mphasis shed nearly 2% at Rs3,235.90 per piece. 

Larsen & Turbo Infotech and Wipro dragged the setor further by declining 2.8% and 2.6% respectively. Oracle and Infosys were nearly 2% down. TCS was 0.7% lower as the IT Index had all the 10 declines on the NSE.

The performance in IT sector comes after the US dollar benchmark index softened. Last week, on Friday, the tech-heavy Nasdaq Composite index closed on a flat note after the Federal Reserve outlook on rates and tapering of bond buying. 

Related Story

Open Free Demat Account (Rs699)