Nifty IT in a bloodbath, index plunges over 600 pts; All stocks in red ahead of Q3 results; TCS, Wipro, Infosys, HCL Tech drag

5 Jan 2022 , 10:35 AM

Indian IT stocks were under deep selling pressure on Wednesday tracking a sharp selloff in global counterparts on technology stocks. Nifty IT index was the top bear on the exchange with all scrips trading on a bearish tone. Heavyweights logs free fall on the index and pushed it off the cliff. The Nifty IT index has hovered between an intraday high and low of 39,293.15 and 38,692 respectively.

At around 10:35 AM, Nifty IT was trading at 38,748.05 nosediving by 622.65 points or 1.58%. All stocks listed on the index has plunged between nearly 1-2%.

Tech Mahindra was the top bear plummeting by 2% followed by HCL Tech slipping over 1.8%. Mphasis and Infosys shed over 1.5% each.

Mindtree plunged 1.39%, while L&T Infotech dipped 1.25% and Wipro fell by 123%. L&T Technology Services dived by 1.16%.

Coforge dropped 1.11% and index heavyweight TCS also tumbled by 0.77% on the index.

On the global front, Asian stocks slipped on Wednesday on back of  higher US Treasury yields and global tech firms driving the greenback currency at a five-year high against Japan’s yen.

US yields surged on Tuesday as bond investors geared up for interest rate hikes from the Federal Reserve by mid-year to curb stubbornly high inflation.

Also, t

he performance of all the stocks is actively monitored by the investors as financial earning season is on the centre stage now. As per stock exchange data, TCS, Wipro and Infosys will announce their Q3 results on January 12. While HCL Tech will announce its Q3 earnings on January 14.