Nifty IT in a bloodbath, index drops 300 pts with all stocks under selling pressure; LTTS, Coforge, TCS among top losers

8 Feb 2022 , 10:27 AM

On Tuesday, the Nifty IT continues to weigh down tracking mixed global cues market. Heavyweight stocks witnessed heavy profit bookings as all the scrips were in the red zone. The sector shunned around 300 points to emerge among the top bears.

On a global front, US market witnessed volatility as the US dollar index declined 0.08% on Monday despite a surge in US 10-year treasury yields. However, investors sentiments are eyed-on RBI’s 3-day monetary policy meet which begins from today.

At around 10:45 AM, the Nifty IT was trading 34,325.85 down 295.35 points or 0.85%, after hitting intraday high of 34,862.10 and intraday low of 34,311.10 during early trade.

L&T Tech Services declined 2% being the top underperformer in the index. 

Index heavyweight Coforge was 1.53% on the downside while IT peers TCS and Infosys shed 1.23% and 0.93% respectively. Mphasis (down 0.72%), Tech Mahindra (down 0.66%), L& T Infotech (down 0.66%) were in a bloodbath as IT bears.

Besides, Mindtree and HCL Tech were marginally lower in the index followed by Wipro trading on a muted level but in the red. Index major Wipro joins Intel Foundry Services’ Accelerator Alliance to speed up the Chip Design Cycle.