Thursday's Top Bear! Nifty IT tumbles 350 pts with all stocks in red; L-;T twins, Mindtree, Infosys, TCS pull back

3 Feb 2022 , 10:02 AM

The Nifty IT was the top bear of Thursday’s trading session led by a steep fall in all stocks listed in the basket. Technology stocks on a global level dragged broader markets as treasury yields dipped and a dollar gauge snapped a three-day retreat globally.

Further, Nasdaq 100 Index fell after Facebook parent Meta Platforms plunged in late trading on disappointing outlooks.

Also, corporate earnings season swayed movements of the investors. On Nifty IT, all stocks were in red zone with the downside ranging to 2%.

At around 10:40 AM, Nifty IT was trading at 35,439.30 lower by 349.45 points or 0.98%. The index has touched an intraday high and low of 35,693.40 and 35,386.45 respectively.

Mindtree stock was the worst hit tumbled over 2% while L&T twins dipped nearly 2% followed by Infosys shed 1.5%. Mphasis and Tech Mahindra slipped more than 1% each. Coforge dived 0.81%.

Wipro plunge over 0.7%, while HCL Tech contracted by 0.71% and index heavyweight TCS dropped 0.17%.

On the earning front, Cognizant Technology Solutions Corp. expects its full-year 2022 revenue to grow 8.5-11.5% in constant currency to $20.0-20.5 billion. For the full year 2021, Cognizant reported a 10% year-on-year growth in revenue to $18.5 billion, marking the company’s return to double-digit annual revenue growth for the first time since 2015.