Stocks

IT stocks show mixed trend amidst positive broader market

PTI New Delhi | Updated on May 20, 2019 Published on May 20, 2019

During the early trade, IT index was the only one trading in the red. File Photo   -  BusinessLine

Trend in the IT counter assumes significance as the broader market witnessed heavy buying

IT stocks on Monday showed a mixed trend even as broader market soared after exit polls suggested another term for the ruling NDA government. During the early trade, IT index was the only one trading in the red. However, it ended in green by gaining 0.69 per cent to 15,515.99.

Among the IT stocks, Infosys fell 0.19 per cent to close at ₹ 722.40 on the BSE. During the day, it was trading 2.34 per cent lower at ₹ 706.85. Some of the other IT stocks that closed the counter with losses are Larsen & Toubro Infotech (down 1.54 per cent), Tech Mahindra (down 1.04 per cent) and Allsec Technologies (down 0.79 per cent).

On the other hand, TCS bounced back to close at ₹ 2,139.30, up 2.05 per cent. Intra-day, it was trading 2.19 per cent lower at ₹ 2,050.25. Other IT stocks that ended in green include Mphasis (up 0.36 per cent), Mindtree (up 0.12 per cent) and Hexaware Technologies (up 0.93 per cent).

The trend in the IT counter assumes significance as the broader market witnessed heavy buying. The BSE-benchmark Sensex soared 1,422 points, or 3.75 per cent, to end at 39,352.67, while the broader NSE Nifty jumped 421.10 points to 11,828.25.

Also read: Sensex, Nifty move by leaps and bounds as Exit polls predict Modi's return

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 49 paise to settle at 69.74 against the US dollar on Monday.

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Published on May 20, 2019
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