DBT Bureau
Bengaluru, 31 May
Nifty IT, the index which measures the movement of major IT services and technology firms in India, came under the bear grip as it closed Thursday trading 2.19% lower at 32,806. This was in line with the broader market, which also corrected, taking cues from the global markets.
Among the Nifty IT index stocks, Persistent Systems fell the most with 3.64% decline to close at Rs 3,517 in NSE. Tech Mahindra’s share price declined 3.54% to settle at Rs 1,240.85 on Thursday. Coforge was another mid-tier firm, whose stock price fell 2.81% to Rs 4,997. L&T Technology Services was another firm, which fell 2.81% to close at Rs 4,549.70 on Thursday.
Large IT firms also didn’t escape the selling pressure. Wipro’s share price fell the most among large IT firms as it declined 3.07% to close Thursday trade at Rs 436.95 per share. Market leader TCS’ share price declined 1.78% to close at Rs 3,736.10, while Infosys declined 1.62% to settle at Rs 1,427.45. HCL Tech’s share price declined 1.57% to close Thursday trade at Rs 1,331.85.
Globally, the Nasdaq Composite is trading 0.62% lower at 16,816 on Thursday session. The technology-heavy index is under pressure as Salesforce fell around 20% after the SaaS giant cut its outlook for subscription and support revenue, citing cooling demand from its customers.
Meanwhile, US treasury yields fell after data showed the US economy grew at a slower pace in the first quarter than earlier estimation. That is likely to provide some support to the stocks, which have corrected owing to surprising surge in bond yields in recent days.
