Nifty IT under pressure amid fragile markets as L&T Info, Tech Mahindra, Infosys log sharp selloff; TCS stays steady

The index has touched an intraday high and low of 26,114.60 and 25,738.15 respectively so far in today's trading hours.

Mar 24, 2021 02:03 IST India Infoline News Service

Nifty IT witnesses selling pressure amid fragile markets sentiments on Wednesday. However, unlike other sectoral indices, the downside in the IT index was at a slower pace. Heavyweight TCS held a calm ground and performed on a higher note compared to peers.

At around 2.40 pm, Nifty IT was trading at 25,975.00 down by 130.70 points or 0.5%. The index has touched an intraday high and low of 26,114.60 and 25,738.15 respectively.

On the index, was the top underperformer in percentage terms, tumbling nearly 2%.

Major stocks like L&T Infotech and Tech Mahindra dragged the index most by plunging 1.2% and 1.3% respectively.

Nearly, 1% drop each was recorded in heavyweight Infosys and Mindtree. Wipro also dived over 0.5%.

Coforge was down 0.5% as well, while HCL Tech traded marginally lower.

On the other hand, TCS was performing in green higher by 0.2%.

Tata Consultancy Services (TCS) has been selected by Skanska, as a strategic partner to help achieve its ambition of becoming the most digitally advanced company in the construction industry.

Mphasis was the top gainer surging by 0.4%.

Nifty IT still outperforms benchmark Nifty 50 which is trading at 14,649.45 down by 165.30 points or 1.12%. 

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