Nifty witnessed a significant decline of 1.24% (-279.10 points), settling at 22,265.95 in early trading as IT stocks led the market downtrend. The tech-heavy sector faced broad-based selling pressure, impacting major players across the board.
TCS fell by 2.03% to ₹3,539.25, while LTTS dropped 2.03% to ₹4,551.55. LTIM declined by 2.49% to ₹4,757.25, and Tata Elxsi saw a dip of 2.52%, closing at ₹5,423.15. Coforge witnessed a drop of 2.56% to ₹7,297.00, and HCLTech lost 2.96% to ₹1,581.00. Infosys decreased by 2.99% to ₹1,711.50, reflecting continued selling pressure in the IT sector.
KPIT Tech fell by 3.43% to ₹1,209.05, while Oracle Financial Services Software (OFSS) witnessed a significant decline of 3.99%, closing at ₹7,760.00. Wipro dropped by 3.94% to ₹282.90, and Tech Mahindra faced a sharp dip of 4.11%, closing at ₹1,523.00. Mphasis was down by 4.27% to ₹2,275.00, and Persistent Systems saw a steep decline of 4.70%, settling at ₹5,216.25. Tata Tech emerged as the worst performer, falling by 5.37% to ₹676.85.
The sell-off in the IT sector is attributed to weak global cues and profit-booking by investors. The broader market sentiment remained bearish, with heavy selling pressure witnessed across tech stocks. Investors are advised to exercise caution and monitor market developments closely as volatility is expected to continue.
Disclaimer:
This article is for informational purposes only and should not be construed as financial advice. Investors are advised to consult their financial advisors before making any investment decisions.