Sasmita Jena
Bengaluru, 27 October 2024
Nifty IT index, which measures the movement of major IT services and technology firms in India, came under selling pressure as broader market gauges- Nifty & Sensex took a dip last week.
Nifty IT index fell 0.16% to settle at 42,038 on Friday (October 25). However, compared to key market gauges and other segment indices, the fall in the IT index was lesser. Nifty fell 2.71% last week to close at 24,180.80, while Sensex lost 2.24% to settle at 79,402 last week.
The share price of TCS lost 1.5% last week to settle at Rs 4,060. Infosys share price lost 0.39% to close at Rs 1,866 on last Friday. HCLTech’s share price closed 0.9% down at Rs 1,852 last week. Another large cap firm, Wipro’s share price lost 1.78% to close at Rs 544.80 on Friday.
Midcaps also lost as FIIs pulled out capital from Indian market for consecutive weeks. L&T Technology Services (LTTS) share price lost 1.13% to close at Rs 5,176 last week. LTIMindtree was another major loser as its share price fell 1.91% to close at Rs 5,914.
Another midcap firm, Tech Mahindra fell 1.76% to close at Rs 1,711.50. However, some midcap firms end the week with gains on the back of strong second quarter (Q2FY25) results.
Persistent Systems gained 2.69% to close at Rs 5,651.10 last week. Coforge is another major gainer as the company’s shares moved up 8.11% to end the week at Rs 7,730.80.
Week ahead:
- Though Diwali is around the corner, the sentiment is far from positive. FII outflow versus will drive the market index next week.
- Market is likely to be cautious ahead of the US Presidential elections on November 5.
- Tepid corporate earnings have already dented the sentiment of market participants.
- IT index is relatively better placed as turnaround is likely in coming quarters.