DBT Bureau
Bengaluru, 29 May
Nifty IT, the index which measures the movement of major IT services and technology firms in India, is trading 0.72% lower at 33,636.15 at 12.30 PM (India Time) on Wednesday as broader market falls.
Nifty 50 is trading 0.69% lower at 22,730, taking cues from the global markets. Both Nifty 50 and Sensex are trading on a subdued note, following weakness in global markets as investors await US inflation data for insights on the Federal Reserve’s interest rate trajectory.
India’s top IT services exporter, TCS’ share price fell 0.47% to trade at Rs 3,822.30 in NSE, while Infosys’ is trading at 0.95% lower at Rs 1,453.35 on Wednesday. Share price of HCL Tech declined 0.21% to trade at Rs 1,355.55.
Among mid-tier firms, Coforge is trading flat at Rs 5,143 per share after showing initial momentum. The company earlier approved the allotment of 48.69 lakh equity shares to 143 qualified institutional buyers at Rs 4,600 per equity share. The mid-tier IT firm is intending to raise Rs 2,240 crore from Qualified Institutions Placement issue.
Share price of L&T Technology Services is trading at Rs 4,680.15, up 0.84% in the afternoon session. The company’s share price is down more than 10% till date since the beginning of the year.
Globally, the Nasdaq Composite ended 0.59% higher at 17,019.88 on Tuesday session. The technology-heavy index is trading at an all-time high.
Major factor behind the Nasdaq scaling new high was chip giant Nvidia’s sound quarterly earnings. The share price of Nvidia ended 7.13% higher at $1,140.59 on Tuesday session. Post its quarterly earnings, the stock has moved around 22% so far.
On Wednesday, Nvidia overshot Wall Street estimates as its profit skyrocketed, bolstered by its chipmaking dominance. Its net income rose more than sevenfold compared to a year earlier, jumping to $14.88 billion in its first quarter that ended April 28. Revenue more than tripled, rising to $26.04 billion from $7.19 billion in the previous year.
