Nifty IT index nosedives over 400 pts, with all stocks in red

10 Jan 2023 , 10:39 AM

Nifty IT index is in the red today, led by a steep fall in all stocks that make up the index. 

At around 10:43 AM, Nifty IT index was trading at 28,312.80, lower by 435.35 points or 1.51%. 

TCS stock was the worst hit, nosediving by 2.3%. TCS’s Q3 revenue growth of 19.1% YoY at Rs 58,229 crore surpassed analyst estimates. The firm’s EBIT margin expanded 50 bps driven by rupee depreciation.

Persistent Systems dipped nearly 2%, while Infosys shed 1.5% ahead of Q3 earnings this week. LTI Mindtree and Mphasis slipped around 1.4% each. LTTS dived 1.04%.

Tech Mahindra and Coforge plunged over 0.96%, while Wipro and HCL Tech contracted between 0.8-0.4%.

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