IT stocks drag Indian shares lower
Timilehin Adejumobi
1 min read
Indian shares slipped on Wednesday, dragged by information technology (IT) stocks as sentiment remained weak after a lacklustre start to the quarterly earnings season.
The Nifty 50 fell 0.16% to 17,632.50, as of 10:42 a.m. IST, while the S&P BSE Sensex lost 0.17% to 59,623.09.
Nine of the 13 major sectoral indexes declined. High weightage financials was little changed while IT stocks fell over 1%.
HCLTech and Infosys lost nearly 2% each, topping the list of Nifty 50 losers. HCLTech will report its quarterly earnings on Thursday.
“Investors have been nervous after the dismal fourth-quarter performance of IT companies which have reported their numbers so far,” said Prashanth Tapse, senior vice president (research) at Mehta Equities.
The Nifty 50 has lost over 1% so far this week, logging losses in each of the previous two sessions. On Monday, the benchmark formed a bearish engulfing pattern on the daily charts, suggesting a bearish bias for the near term.
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