Despite the resolution, however temporary it is, to the political crisis in the US, the sector expected to gain the maximum by the positive development-IT sector — is the one to react negatively as the markets opened this morning with some of the big IT players like TCS, Infosys and HCL Tech losing value in the morning trade.
Interestingly, some of these companies had come out with their Q2 results and possibly investors, who had built-up positions in these counters, were unwinding them a bit. But some of the smaller IT stocks were trading in the green, though the CNX IT was down by about 90 points.
HCL Tech, which came out with good numbers this morning, lost Rs 11.10 to trade at Rs 1,150. TCS was another surprise loser despite stellar Q2 numbers. The stock shed Rs 45.55 to trade at Rs 2,169.85.
MindTree was down by Rs 33.05 to trade at Rs 1,346 and this company also has posted good Q2 results. Tech Mahindra shed Rs 21.95 to trade at Rs 1,561.65 and Infosys lost Rs 15.70 to trade at Rs 3,339.10.
It was only Wipro among the IT majors that was in the green, up by Rs 5.55 at Rs 516.15. Some of the smaller IT stocks like KPIT, Persistent Systems and Polaris were in the positive territory.
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