Sasmita Jena
Bengaluru, 12 August 2024
The Nifty IT index, which measures the movement of major IT services and technology firms in India, is likely to take cues from Nasdaq and domestic developments like last week’s Hindenburg report, overall market movement this week.
The Nifty IT index ended last week at 39,043, up 1.58% over the previous week. Now, the IT index is trading at a striking distance from its 52-week high level.
After witnessing severe selling pressure, Nasdaq Composite regained its momentum and gained 6.57% to end last week at 16.745.
In the early morning trade, Nifty IT index opened marginally down at 38,950.
How was the last week?
Most IT stocks were in a consolidation mode last week. The share price of TCS closed 0.21% higher in NSE to close at Rs 4,222 on last Friday. Infosys lost 0.82% to settle at Rs 1,773. Wipro lost 1% last week, while HCLTech lost 0.6% during this period.
Among mid-cap stocks, Tech Mahindra gained 1.2% last week, while LTI Mindtree’s share price ended down 2.4% as compared to the previous week. Persistent Systems share price continued the momentum as its share price gained 1.3% last week.
What can be the triggers?
- Overall market mood after the Hindenburg Report.
- Market is hovering near all-time high level. So, correction in Nifty and Sensex may put pressure on IT index.
- Nasdaq movement during this week.
- Data points emerging from the US.
- Overall FII buying mood after record purchase in July
