Sasmita Jena
Bengaluru, 8 September 2024
Nifty IT Index, which measures the movement of major IT services and technology firms in India, ended its winning streak last week (September 6, 2024) as the broader market came under bear grip. The IT index ended last week down 1.31% at 42,228.
Both Nifty and Sensex fell more than 1 per cent on Friday (September 6) as uncertainty around US Federal Reserve’s rate cut and stretched valuation of Indian stocks weighed on investors’ sentiment.
India’s biggest IT firm, TCS’ share price lost 2.62% to close the week at Rs 4,460.50 on NSE. After two consecutive weeks of gain, TCS saw selling pressure increasing towards end of the trading week. Infosys was another major loser last week as its stock price fell 2.57% to Rs 1,904.
Similarly, HCLTech lost 0.89% to close at Rs 1,754, while Wipro’s share price fell 3.17% to Rs 521.50 last week.
Among midcaps, Mphasis fell 1.71% at Rs 3,052 last week, while L&T Technology Services lost 2.12% to Rs 5,715 owing to selling pressure.
LTIMindtree lost marginally by 0.05% to settle at Rs 6,171.65 last week. The company was a major gained during the week ended August 28 with 7.49% upmove. Tech Mahindra posted a loss of 0.97% at Rs 1,634.30 during this period.
Nasdaq last week:
Last week, Nasdaq came under heavy selling pressure as the index lost 5.44% to settle at 16,690.83. All the frontline stocks fell as investors were wary of the US Federal Reserve’s next moves. Nvidia’s shares continued to face selling pressure as the share price lost 13.94% to settle at $102.83 last week. Intel lost 11%, while Alphabet (parent company of Google) lost 7.4% during last week.
This week’s cues:
- The US job data which released on Friday
- US Federal Reserve’s next moves on interest rates
- Overall performance of broader market in India- Nifty
- International data points.
