DBT Bureau
Bengaluru, 26 August
Nifty IT Index, which measures the movement of major IT services and technology firms in India, ended last week marginally down at 41,089. It was down 0.36% as the index saw some profit booking after a stellar run in the previous week.
India’s biggest IT firm, TCS’ share price gained 1.7% to close the week at Rs 4,473 on NSE. Infosys was another gainer as its stock price moved marginally 0.62% up at Rs 1,865.95. Similarly, HCLTech posted a loss of 0.34% to close at Rs 1,662.90, while Wipro’s share price was down 1.17% to Rs 513 last week.
Among midcaps, Mphasis gained for the second consecutive week as the company’s large BFSI (banking, financial services & insurance) portfolio was expected to perform better in coming years. The share price of Mphasis gained 1.45% up at Rs 2,995 last week after a more than 7% gain in the previous week. L&T Technology Services gained 4.23% to close the week at Rs 5,453 on investors’ buying interest.
LTIMindtree share price remained almost flat at Rs 5,632 while Tech Mahindra posted a gain of 1.75% at Rs 1,607.80 during this period.
Nasdaq last week:
Last week, Nasdaq gained 1.29% at 17,877.79 as the US Federal Reserve gave hints of reducing the interest rate. The Fed Chair, Jerome Powell said ‘time has come’ for the US Fed to cut interest rate.
This week’s cues:
- The US market, especially Nasdaq
- Geopolitical situation with regard to Israel-Iran tensions
- Domestic factors
- Data points emerging from major economies
