Sasmita Jena
Bengaluru, 6 October 2024
Amid rising tensions in the Middle East region, Indian equity market came under bear grip last week. And Nifty IT index was no exception.
Last week ended October 4, Nifty IT index fell 0.95% to settle at 41,912.50 with most stocks coming under selling pressure. The index took cues from the broader market, which fell as the Iran-Israel conflict escalated after Iran launched missile attack on Israel.
India’s biggest IT firm, TCS’ share price lost 2.71% to close the week at Rs 4,251.90 on NSE. Infosys was another loser last week as its stock price fell 2.36% to Rs 1,922.
After previous week’s gain, HCLTech also lost 2.25% to close at Rs 1,782.25. Wipro lost the most among large caps as its share price fell 4% to close at Rs 533.60 last week.
Midcaps also saw selling pressure as investors became cautious amid geopolitical tensions. Among midcaps, LTIMindtree lost 3.54% to settle at Rs 6,110 last week. Tech Mahindra lost 2.48% to Rs 1,613 on last Friday.
Nasdaq last week:
Last week, Nasdaq Composite closed with a marginal gain, recouping losses during the week. It closed 0.38% up to close at 18,137.85. Sound job roll data of September and falling unemployment rate helped the index to end the week with a gain despite rising uncertainty in the geopolitical space.
Next week’s cues:
- Q2 FY25 earnings estimates of Indian IT firms
- Investors likely to be on wait & watch mode before earnings season kicks up from October first week onwards
- Movement of Nasdaq
- Overall movement of Nifty & Sensex
- Iran-Israel conflict
- Oil prices
- RBI policy announcement
