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| IT index down 2% on US worries |
| BS Reporter / Mumbai Aug 31, 2009, 16:10 IST |
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The IT index led the pack of losers in the market today. The index slipped 2.2% to 4,173 after touching a low of 4,160.
IT heavyweights, Infosys, which holds over 60% weigh in the index, and TCS slumped 2.5% each to Rs 2,132 and Rs 527, respectively. Wipro dipped 2.3% to Rs 551.
Financial Technologies slipped 2.4% to Rs 1,504. HCL Technology, which had surged considerably after announcing its Q1 results last week, dropped 2% to Rs 299.
However, Tech Mahindra gained 3.5% at Rs 948. Aptech added 1% to Rs 250.
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(Updated at 1150 hrs)
The IT index has shed 2% to 4,182 led by fall in the index heavyweights.
Among the major IT stocks, TCS and Infosys have shed around 3% each to Rs 526 and Rs 2,131, respectively. HCL Technologies and Wipro have dropped over 2% each to Rs 299 and Rs 552, respectively.
Financial Technologies is down 1% at Rs 1,523.
However, Aptech, Mphasis and Tech Mahindra have advanced over 2.5% each to Rs 254, Rs 576 and Rs 941, respectively. NIIT and Patni Computers have added 2% each to Rs 70 and Rs 431, respectively.
The poor demand from the US markets will hamper the business prospects of Indian IT outsourcing services providers even though the industry hopes for a stability in the overall business environment in the secong quarter of financial year 2010.
This delay in recovery of US economy, according to analysts and companies, will affect most Indian IT firms, even as they see a rise in demand from some European countries like UK and France, along with Australia and West Asia. The reason for the Indian IT firms to get affected is because most of the Indian IT services firms derive over 60 per cent of their revenues from the North Americas, including the US.
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