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D-Street Buzz: IT stocks surge up to 10%; Infosys, Tech Mahindra, TCS shine

In sync with the broader market, Indian IT Services stocks have corrected sharply in the last month due to the potential impact on global growth stemming from the Covid-19 pandemic.

March 24, 2020 / 10:19 AM IST
 
 
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Shares of IT players, including Infosys, Tech Mahindra, TCS, HCL Tech and Mindtree, jumped up to 10 percent in morning trade on BSE on March 24, keeping their sectoral indices up with strong gains.

The BSE IT and Teck indices jumped up to 8 percent in the morning trade.

In the IT index, shares of NIIT, Infosys, Mindtree, Hexaware, Tech Mahindra, HCL Tech, Mphasis and L&T Technology Services were among the top gainers.

In the BSE Teck index, shares of TV Today, Vodafone Idea and Sterlite Technologies were among the top gainers.

The outbreak of coronavirus (Covid-19) will have a significant impact on the Indian IT sector which is staring at the tough times similar to the 2008 global financial crisis (GFC), said experts.

In sync with the broader market, Indian IT Services stocks have corrected sharply in the last month due to the potential impact on global growth stemming from the Covid-19 pandemic.

Meanwhile, market benchmarks erased all gains and traded flat around 10:10 hours. The BSE Sensex was 36 points up at 26,016, while Nifty was 8 points down at 7,602 around that time.

Sectoral indices on BSE were mixed. Bank, auto, finance, consumer durables and capital goods indices were down 2 percent each.

Shares of bank heavyweights such as ICICI Bank, HDFC Bank, IndusInd Bank, Kotak Mahindra Bank, State Bank of India and Axis Bank were among the top drags on Sensex.

Moneycontrol News
first published: Mar 24, 2020 10:19 am

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