Nifty IT sheds over 180 points; L&T twins, Infosys, Mphasis among top bears

28 Dec 2022 , 10:50 AM

The Nifty IT index traded negative on Wednesday in a weak market. The sector shed 180 points with all the listed companies trading with negative bias except Tech Mahindra. Persistent Systems dragged the most. Larsen & Turbo twins, Infosys also were around 1-2% down.

At around 10:45 AM, BSE Sensex was trading at 60,891.75 down 35.68 points or 0.06% and Nifty50 at 18,110.15 down 22.15 points or 0.12%.

Nifty IT was trading at 28,465.65 down 170.60 points or 0.60%, after touching a high of 28,524.05 and low of 28,346.25 during intraday trade.

Tech Mahindra was at the top of the sector, limiting losses to 0.03% at Rs1009.85 per share.

Persistent Systems dragged 1.86% at Rs3,831 per share to underperform. LTTS and LTIM was 1.3% down at Rs3,772.50 and Rs4,333.15 per share respectively. Infosys was 0.88% on the downside at Rs1,501.45 per share. Mphasis shed 0.70% at Rs1,928.40 per share. The Index had 9 declines and 1 advanced.

Globally, technology stocks fell broadly on Tuesday, with the Nasdaq index 100 down 1.5%. The IT pack is facing its worst December performance since the dotcom era as investors expect the Federal Reserve will retain its hawkish stance as it struggles with inflationary pressure worldwide.

Further, Apple shares closed at their lowest level since June 2021 on Tuesday, amid an ongoing selloff of giant-tech stocks amplified by concerns over iPhone supply in the key holiday period.

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