Tcs, infosys decline by over 3%, major it stocks under pressure on monday

Tcs, infosys decline by over 3%, major it stocks under pressure on monday

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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.