Comments
Having borne the brunt of the acute selling pressure prevailing in the stock market over the past few trading sessions, IT stocks led by TCS and Infosys made a smart recovery in early trade today in line with the bullish trend in the broader market.
Shares of Infosys went up by 4.12 per cent to touch an early high of Rs 2,475.10 on BSE. In the previous session, the stock had fallen to a fresh one-year low.
The country’s largest IT exporter TCS’s shares also rose by 4.62 per cent to touch an early peak of Rs 1,012.
Similarly, another IT heavyweight, Wipro, saw renewed buying interest from investors and jumped by 3.19 per cent to Rs 358.35.
A similar trend was seen at the counters of other IT companies, with HCL Tech gaining 4.35 per cent, Patni Computer up 3.03 per cent and Tech Mahindra rising by 2.20 per cent.
Led by the recovery in these stocks, the BSE IT index was trading higher by 3.25 per cent at 5,205.31 in the morning.
Stocks of export-focused sectors such as IT were among the worst-affected in the recent market turmoil, as the US and Europe are the main overseas buyers of Indian goods.
Global markets have been in bad shape for the past three days, after the creditworthiness of the US was downgraded by Standard and Poor’s amid the American economy’s mounting debt worries.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.