Nifty IT in a bloodbath, index tanks over 1200 pts as all stocks nosedive; Mindtree, Coforge, Tech Mahindra, TCS, Infosys top bears

24 Feb 2022 , 10:40 AM

On Thursday, Indian markets extended their losses and were in a steep bloodbath with all sectoral indices facing deep corrections. The heavy selloff among indices was due to weak global cues as appetite for equities soured after news broke out that Russia’s Vladimir Putin announced military operation in Ukraine. Russia has launched a full-scale war as explosions heard across cities today.

The broader markets on BSE and NSE were bleeding with BSE midcap and small caps plunging 3% each. India’s volatility index (VIX) skyrocketed over 32%.

Further, Nifty Technology stocks in India extended their free-fall as investors make a frenzy selloff in the sector on a global level. Heavyweights TCS, Wipro, HCL Tech, Infosys were the worst hit and major movers of the index. 

At around 10:40 AM, Nifty IT was trading at 32,834.40 lower by 1,279.90 points or 3.75%. The index has touched an intraday high and low of 33,396.25 and 32,675.70 respectively. On the Nifty IT index, all stocks were in red zone with the downside ranging from 3% to nearly 6%.

Heavyweight Mindtree was the top bear nosediving by 5.5% followed by Coforge slipping 5.2%. Tech Mahindra also dipped over 5%.

L&T Technology Services shed 4.5%, while L&T dived 4.1% being under the top 5 losers of the day on the NSE. Wipro and HCL Tech dropped over 3.7% each. Tech peers TCS and Infosys is down 3.5% each.

Mphasis also plunged around 3% to drag the overall bearish index.

The deep red tone in technology stocks resulted in volatility as investors brace their bets for the outcome of ‘Russia-Ukraine war’.