Nifty IT index volatile; Tech Mahindra zooms, TCS falls

NEW DELHI: In volatile movements, Nifty IT index swung between gains and losses on Thursday, with shares of Wipro, HCL Technologies and Tata Consultancy Services witnessing heavy investor interest.

Nifty IT index ended in the negative zone on the last three sessions. But in Thursday’s afternoon trade, it was marginally in the green.

Analysts attributed the volatile trend in IT stocks to the appreciation in rupee’s value against the dollar in recent times as well as the present geopolitical issues involving the United States and North Korea. Lower-than-expected quarterly numbers of few frontline IT companies have always dented investor sentiment.

Shares of Tech Mahindra (up 4.61 per cent), KPIT Technologies (up 1.93 per cent), Infosys (up 1.52 per cent) and Wipro (up 0.23 per cent) were gaining in trade, helping Nifty IT index to be up by 0.50 per cent at 10,666 around 11.55 am (IST).

However, Oracle Financial Services Software (down 2.26 per cent), Tata Elxsi (down 1.54 per cent), Tata Consultancy Services (down 0.94 per cent) and MindTree (down 0.83 per cent) were trading lower.

Benchmark indices stayed in the negative zone due to weak global cues and sustained capital outflow of foreign funds.

Benchmark Nifty50 index was trading 34 points lower at 9,874, while the 30-share Sensex was 107 points down at 31,691 around 11.55 am(IST).

In the Nifty50 pack, 18 stocks were trading in green, while 33 stocks were in red.

On BSE, 631 stocks were advancing whereas 1,639 stocks were lagging.

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