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Tech stocks were thrashed in a very weak market today with the lesser-than-market-expected numbers of TCS coming in handy to pound them.
The slump the Dow Jones and the Asian markets suffered ahead of the opening of the Indian markets seemed to have added to the market nervousness, which sent the frontline tech stocks into a tailspin this morning. This has made the opening of the European markets very crucial as to how the Indian bourses would behave in the later part of the day.
Only two stocks, out of the 20 stocks constituting the CNX IT index, were in the green after two hours of trading.
MindTree, which came out with good results, was up by Rs 16.50 or 4.29 per cent to trade at Rs 401.50 with about 4.5 lakh shares having been traded. Financial Technologies was just holding itself up with a gain of Rs 4.35 or 0.62 per cent to trade at Rs 709.
However, frontline tech stocks such as Infosys, Oracle Financial, TCS and HCL Tech were hammered by investors though in a relative sense, they seem to have spared Wipro which is yet to come out with its Q2 numbers.
Infosys has lost Rs 35.45 or 1.29 per cent to trade around Rs 2,711. TCS was the second biggest loser in terms of percentage but the first in terms of value, shedding 7.53 per cent or Rs 84.40 to trade around Rs 1035. HCL Tech, however, was the biggest loser in terms of percentage, losing 8 per cent or Rs 35.20 to trade at Rs 404.90.
However, Wipro was down just by Rs 11.65 or 3.27 per cent to trade at Rs 345.15.
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