A new trading week has begun, and the story appears to be no different for the previous ones, as the marquee indices continue to be on the correction spree, declining further.
The benchmark indices of NSE Nifty and BSE Sensex were trading in red on Monday. Meanwhile, amid the persisting red wave, the IT stocks were trading with major cuts.
When we look at the major IT stocks that hold a significant marketshare in the sector, the decline is widespread.
Tata Consultancy Services Ltd
TCS, one of the largest tech companies in the country, opened on a high of Rs 4,213.00 and later dipped into the red territory.
The shares of the company were trading with a deficit of 3.38 per cent or Rs 140.05. This took the overall value of the shares to Rs 4,005.85.
Infosys Ltd
When we look at the other big names, the tales of decline continued. Infosys also declined by over 3 per cent in the early hours of the trading session.
At the time of writing, the Bengaluru-based company saw its shares drop to Rs 1,804.85, after a decline of 3.20 per cent or Rs 59.70.
Wipro Ltd
Another company from the IT hub, Wipro, saw an even bigger drop in its equity value on Monday.
The tech company shares, which opened at Rs 566.70, crumbled to Rs 546.40 after a decrease in value of 3.58 per cent or Rs 20.30.
Tech Mahindra Ltd
The Pune-based Tech Mahindra did not have a different story to tell. The company that performed decently in Q2 results dipped in value by 2.79 per cent or Rs 47.15.
This diminished the overall value of each individual share to Rs 1,640.35.
HCL Technologies Ltd
HCL Tech had a relatively better session. But despite the comparatively low magnitude, the Gurugram-based tech company's shares were trading in red with losses of over 1 per cent.
At the time of writing, the shares were trading with a drop of 1.93 per cent or Rs 35.85, slumping to Rs 1,823.10 per piece.
As a result of this collective slowdown, the Nifty IT index is also under pressure. The index dipped in value by 2.84 per cent or 1,204.70 points. This took the overall value of Nifty IT to 41,186.15.
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