<\/p>
Information technology (IT) stocks recorded a sharp drop in Thursday’s trade, pulling the Nifty IT index down 1.60 per cent at last check.<\/p>
Shares of Tata Consultancy Services Ltd (TCS), HCLTechnologies Ltd, Wipro Ltd and LTM (formerly known as LTI Mindtree Ltd) slipped to their respective one-year low levels.<\/p>
Other major IT counters such as Infosys Ltd, Oracle Financial Services Software Ltd, Persistent Systems Ltd, Tech Mahindra Ltd, Coforge Ltd and Mphasis Ltd also traded lower.<\/p>
Some market participants attributed the weakness to pressure on global technology stocks and cautious investor sentiment.<\/p>
Ravi Singh, Chief Research Officer at Master Capital Services, said, “Nifty IT witnessed sharp weakness today, as pressure continued across global technology stocks. Sentiment remained cautious due to concerns around slower tech spending in the US, rising geopolitical tensions and continued selling by foreign investors.”<\/p>
He added, “Investors are also becoming slightly cautious about the impact of AI on traditional IT services, especially as companies globally are reassessing budgets and delaying decision-making on new projects. Adding to the pressure, stronger US inflation data has reduced expectations of aggressive rate cuts by the US Federal Reserve, which has further impacted global risk sentiment.”<\/p>
Singh further said, “Even after the recent correction, the long-term outlook for fundamentally strong IT companies remains positive because demand for digital transformation and AI-related services is still growing globally. However, near-term volatility in the sector is likely to remain elevated.”<\/p>
Echoing a similar view, Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, said the weakness in domestic IT stocks is linked to the recent selloff in US technology stocks.<\/p>
“Contrarian investors may consider selective exposure at current levels, with Infosys and TCS remaining our preferred picks,” he stated.<\/p> <\/div>
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.<\/i><\/p>
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Information technology (IT) stocks recorded a sharp drop in Thursday’s trade, pulling the Nifty IT index down 1.60 per cent at last check. Shares of Tata Consultancy Services Ltd (TCS), HCLTechnologies Ltd, Wipro Ltd and LTM (formerly known as LTI Mindtree Ltd) slipped to their respective one-year low levels. Other major IT counters such as […]<\/p>\n","protected":false},"author":1,"featured_media":9786,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[4851,22489,2216,38632,38638,2185,29723,38633,38639,1012,589,1826,38630,38636,266,38635,38634,3918,38631,38637],"class_list":["post-9785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-content-marketing","tag-52week","tag-falling","tag-hcltech","tag-hcltech-52-week-low","tag-hcltech-share-fall","tag-hit","tag-ltm","tag-ltm-52-week-low","tag-ltm-share-fall","tag-shares","tag-stocks","tag-tcs","tag-tcs-52-week-low","tag-tcs-share-fall","tag-today","tag-why-it-shares-falling","tag-why-it-stocks-falling","tag-wipro","tag-wipro-52-week-low","tag-wipro-share-fall"],"acf":[],"_links":{"self":[{"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=\/wp\/v2\/posts\/9785","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9785"}],"version-history":[{"count":0,"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=\/wp\/v2\/posts\/9785\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=\/wp\/v2\/media\/9786"}],"wp:attachment":[{"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9785"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9785"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9785"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}