With IT majors TCS and HCL Tech putting up rather subdued performances in the quarter ending September, the CNX IT index dived by over 400 points with TCS, CMC and HCL Tech ending as the biggest losers among the IT stocks on Friday.

Even the announcement of the merger of TCS with its group company CMC did not help in lifting sentiments in both the stocks with CMC tanking by more than 14 per cent. It was Infosys, which is trading-cum-bonus, that seemed to hold the IT index and preventing a precipitous fall for much of the day but it also closed the day in the negative, though its loss was meagre. The extent of weakness in the IT stocks could be gauged from the fact that out of the 20 stocks constituting the CNX IT index, only three closed in the green with the rest 17 stocks ending in the red. Leading the pack of losers were TCS, CMC and HCL Tech. HCL Tech lost ₹145.85 or 8.81 per cent to close at ₹1,510.

TCS and CMC both were under heavy selling pressure. TCS shed a massive ₹245.10 or 9.15 per cent at ₹2433. CMC crashed by a whopping14.49 per cent or ₹315.60 to ₹1,862.

Infosys pares gains

Wipro, another IT major, was also down but marginally, by ₹6.55 to ₹566.75. Another Tata Group IT company Tata Elxsi too was down ₹17.40 to ₹581.10. Tech Mahindra also did not escape pummelling and was down ₹33.35 at ₹2,272 at the close.

Infosys it was which protected the CNX IT index from a deeper downward spiral. The stock was in the green for the large part of the day and touched a high of ₹3,922.80. But, by close, it had shed all of the gains and ended with a loss of ₹5.30 at ₹3,860. The weakness in Infosys extended the losses of the IT index which was down 428 points, making the CNX IT index the worst performer of all the sectoral indices on the NSE.

Cyient, eClerx Services and NIIT Technologies bucked the trend to close with marginal gains.

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