Left Menu
Development News Edition

Infosys, TCS loose out in early trade, IT index trading down by 69 pts

Devdiscourse News Desk | Mumbai | Updated: 20-05-2019 12:31 IST | Created: 20-05-2019 11:09 IST
Infosys, TCS loose out in early trade, IT index trading down by 69 pts
Besides, heavyweight IT stocks like Infosys and TCS were trading in the negative territory. Infosys fell to Rs 706.85, down 2.34 per cent over its previous close of Rs 723.80 in early hours Monday. Image Credit: Wikimedia

IT stocks came under pressure led by losses in Infosys and TCS in early trade Monday, even as the broader market witnessed heavy buying after exit poll results suggested another term for the ruling NDA government. IT index was the only one trading in the red. All other sectoral indices were in the green.

Besides, heavyweight IT stocks like Infosys and TCS were trading in the negative territory. Infosys fell to Rs 706.85, down 2.34 per cent over its previous close of Rs 723.80 in early hours Monday.

Similar movement was seen on the TCS counter as well, where the stock opened at Rs 2,126.00, then fell to a low of Rs 2,050.25, down 2.19 per cent over its last close. The S&P BSE IT index was trading at 15,340.01, down by 69.11 points or 0.45 per cent.

Some of the other IT stocks that were trading in the red include Larsen & Toubro Infotech (down 1.37 per cent), Mphasis (down 0.98 per cent), Tech Mahindra (down 2.40 per cent), Mindtree (down 0.08 per cent), Allsec Technologies (down 0.64 per cent) and Hexaware Technologies (down 0.25 per cent). The decline in the IT counter assumes significance as the broader market witnessed heavy buying in morning hours.

The BSE-benchmark Sensex skyrocketed over 900 points, while the broader NSE Nifty jumped over 200 points in morning trade. Market analysts said the rising rupee is expected to add pressure to IT stocks as most of these companies depend heavily on exports. The rupee appreciated 79 paise to 69.44 against the US dollar in opening trade Monday.


TRENDING

OPINION / BLOG / INTERVIEW

Why COVID-19 is unstoppable in USA despite it being ranked at the top of GHS Index?

Several worst-hit countries such as Italy, France, Spain, the UK, Canada, and Russia have peaked COVID-19 cases in April. Almost all of them have gradually flattened the curve. However, the USA is setting new daily records of infections tha...

COVID-19 seems cooking biggest ever global scam

The increasing number of corruption cases on COVID-19 funds from throughout the world and involvement of high profile persons indicate that the countries cant ignore corruption in their pandemic response programs. This has generated the nee...

Health Management Information Systems lack holistic, integrated, and pandemic resilient character

Being a part of the United Nations system, the World Health Organization WHO deserves its share of rebuke for its alleged failure issue COVID-19 health emergency alerts on appropriate time. However, the pandemic has also exposed loopholes i...

Pride in the time of coronavirus: a welcome move online?

This year is different in many ways not least as celebrations are also taking place against the dramatic backdrop of a global health crisis and a resurgence in grassroots activism following the death of George Floyd in Minneapolis. ...

Videos

Latest News

Trump team eyes school funds boost in next virus aid bill

President Donald Trumps push to reopen schools is being complicated by a split within his ranks over how to do it, with some advisers advocating for a massive federal expenditure to make campuses safe as Congress compiles the next COVID-19 ...

California shuts bars, indoor dining and most gyms, churches

Bars and inside restaurant dining are banned throughout California, while indoor religious services, gyms, and hair and nail salons are again off-limits in most of the state, Gov. Gavin Newsom said Monday in issuing a sweeping set of closur...

Tope warns of action against hospitals overcharging patients

Maharashtra Health Minister Rajesh Tope has said strict action would be taken against private hospitals charging exorbitant fees from COVID-19 patients and for other treatments. Tope was talking to reporters after a meeting with private doc...

Poco M2 Pro goes on first sale today in India via Flipkart

The first-ever sale for the Poco M2 Pro which was launched last week in India has now begun on Flipkart. The latest mid-range device from Poco comes in three color variants- Out of the Blue, Green and Greener and Two Shades of Black and car...

Give Feedback