Nifty IT Slips The Most By Over 4% After Nasdaq Slumps In Overnight Trade; Wipro Hits 52-Week Low

After the overnight fall-out on the US indices which saw Nasdaq tumbling by close to 5%, Indian indices opened with sharp losses today. Nevertheless as of writing this copy at around 9:59 am, markets are off day's low with Nifty trading at 15942 as against day's low of 15903.8. Meanwhile, broader markets have cracked still higher by over 2%.

Among Nifty sectoral indices, Nifty IT is seen dropping the most by over 4% on slump in Nasdaq index in the overnight trade. The other sectoral losers are metals, PSU Bank, Private bank, financial services among others.

Of the 10 stocks, Nifty IT index, Wipro hit its fresh 52-week low of Rs. 461.65, while other stocks such as Mphasis, L&T Technology Solutions, Coforge, Tech Mahindra and Mindtree cracked by over 4%.

On the other hand, the remaining stocks from the pack such as HCL, TCS, Infosys and L&T Infotech dropped by over 3%.

Other mid-cap IT stocks besides those that constitute Nifty IT index such as Intellect Design, Zensar, Persistent System and Happiest Minds among others are knocked down by over 3%.