Nifty IT stocks under pressure amid weak global cues; Tech Mahindra, Infosys, Wipro top losers

18 Feb 2022 , 10:50 AM

Nifty IT stocks were bearish amid volatility and weak market global cues on Friday as the index struggled amid lingering geopolitical worries over Russia-Ukraine threats.

On a global front, US markets witnessed heavy sell-off as Dow Jones falls over 600 points while Nasdaq sheds 400 points due to tracking losses across technology stocks. Increasing tension over Russia and Ukraine, inflationary pressure continues to plague the market sentiments as well.

Indian share markets traded volatile today as power, metal stocks logged buying sentiments from investors while healthcare, IT, FMCG sectors were under pressure.

At around 10:50 AM, BSE Sensex was trading at 57,794.58 up 97.43 points or 0.17% and Nifty50 at 17,286.75 up 17.85 points or 0.10%. Nifty IT was trading at 34,494.85 down 139.25 points or 0.40%, touching a high of 34,557.15 and low of 38,295.70 during intraday trade on Friday.

L&T Technology Services was the top gainer in the index at Rs4,457.40 per piece, up 0.51%. Coforge was trading 0.47% higher at Rs4,409.15 per piece. Mphasis and Tata Consultancy Services added marginal gains to the sector.

Tech Mahindra dragged the most at Rs1,433.70 per piece down 1%. Infosys also shed nearly 0.86% while HCL Tech and Wipro were 0.73% down each. Mindtree and L&T Infotech were also struggling by 0.37% lower each. The IT index had 4 advances and 6 declines on Friday.