IT Stocks Losing Sheen In Morning Hours TCS Down By Nearly 1%

Markets have edged up ahead of Reserve Bank of India’s monetary policy meeting on Wednesday. Nifty was hovering around 9660 level in the morning hour. Sensex was trading higher by nearly 100 points.

On the sectoral front, Nifty IT index was showing some weakness. It was trading marginally lower by 0.32% at 10871 level paring some of its gains of past few trading sessions.

IT giant in the country, Tata Consultancy Services was the top loser in the index trading lower by over 1% at Rs 2668 per share. The company recently informed the bourses that it has joined hands with Siemens to develop applications and digital services for manufacturing customers. Despite positive sentiments floating in the market with 1030 advances, 456 declines and 453 unchanged stocks on NSE, Nifty IT index was losing its sheen in the morning hours on Wednesday.

In past six months, the stock has gained over 20%. Its market capitalisation stood at Rs 531109 Cr as of June 6, 2017. Infosys is one of the top five most active stocks by value on Wednesday. It was trading marginally higher by 0.07% at Rs 980 per share. Other IT stocks like Wipro, Tech Mahindra, Tata Elxsi and HCL Tech have slipped in the red zone as of 0957 hours on Wednesday.

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