IT stocks traded lower on Monday, following a sharp sell-off in the Indian stock market. The Nifty IT index declined more than 2%, with most of its constituents slipping in the red.
HCL Technologies, (TCS), Persistent Systems, and were the top losers in the Nifty IT index, falling over 1% each. On the contrary, and Mphasis were the only gainers in the index.
The fall in IT stocks came as the Indian stock market crashed amid weak global market cues. The frontline indices, Sensex and dropped over 1.5% each.
The fall in the Indian stock market today came amid renewed escalating geopolitical tensions as earlier optimism surrounding the temporary ceasefire in the Middle East faded after collapsed over the weekend, raising fears of a prolonged conflict and potential supply disruptions.
A sharp rise in above the $104 per barrel mark has been the key driver behind the risk-off sentiment, triggering broad-based selling across the market.
(More to come)