Sasmita Jena
Bengaluru, 3 November 2024
Nifty IT index, which measures the movement of major IT services and technology firms in India, lost 3.82% last week (week ended November 10) amid a choppy trade seen in broader market gauges.
The week held the Muhurat trading on the occasion of Diwali, which saw the Samvat 2081 ended with gains.
However, Nifty IT index came under pressure as global tech companies saw selling pressure.
Nifty IT index fell 3.82% to settle at 40,433 on Friday, making it one of the major losers among indices.
The share price of TCS lost 2.13% last week to settle at Rs 3,983. This was the second consecutive week when the share price of TCS saw selling pressure.
Infosys was one of the major losers among large cap stocks. Its price lost 5.84% to close at Rs 1,755 on last Friday. HCLTech’s share price closed 5.26% down at Rs 1,757 last week. However, Wipro bucked the trend as its share price gained 1.46% to close at Rs 551.50 on Friday.
Midcaps also had a mixed performance last week as market continued to see selling pressure coming from FIIs.
L&T Technology Services (LTTS) share price lost 3.34% to close at Rs 4,950 last week. LTIMindtree lost as its share price fell 2.37% to close at Rs 5,713.85.
Another midcap firm, Tech Mahindra fell 5.85% to close at Rs 1,603.40.
Persistent Systems lost 5.27% to close at Rs 5,385 last week. Coforge also lost last week as its share price ended at Rs 7,570, down 2.13% last week.
Week ahead:
- Market is likely to be cautious amid the heat of the US Presidential elections on November 5.
- Tepid corporate earnings have already dented the sentiment of market participants.
- IT index is likely to take cues from Nasdaq composite.
- Eyes will on the outcome of FOMC meet outcome.
- Overall sentiment in tech stocks remains bearish.
