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IT Stocks Underperform In A Strong Market; Wipro, Tech Mahindra and TCS Top Losers
In the strong market while the overall momentum is strong, there are 3 indices that have been underperforming, notably, media, IT and metals pack.IT pack at the time of writing this copy was down by close to 0.78%. Individually, from the Nifty IT pack, 8 of the 10 stocks traded in the red. Only Mindtree and Coforge traded with gains of up to 0.66%.
The weakness in the pack of up to 1.27% in the IT stocks was even as some of the companies including Infosys and Wipro informed of new deals. Say for instance, Bengaluru headquartered Infosys collaborated with SAP for providing Business Process Transformation-as-a-Service to enterprises.
Likewise, Wipro received multi-year IT managed services contract from Kuala Lumpur- headquartered Maxis Broadband Sdn Bhd, a leading converged solutions provider.
Oracle Financial, L&T Infotech, Mphasis, HCL Tech and Infosys traded with weakness of up to 0.8%, while Wipro, TCS and Tech Mahindra top losers with losses over 1%.
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