IT index slips 4% in 2 days on profit booking following a strong 10% rally

The October-December (Q3) quarter is expected to be another strong quarter for IT companies after strong performance witnessed in Q2FY22.

Shares of information technology (IT) quoted lower for the second straight day, with the Nifty IT index declining as much as 4 per cent in the past two trading sessions on account of profit booking. The IT index had hit a record high of 39,286 on Tuesday’s intra-day trade, and rallied up to 10 per cent in the preceding 11 trading days.

At 11:46 am; Nifty IT index, the top loser among sectoral indices, was down 1.9 per cent, as compared to 1.3 per cent decline in the Nifty50 index. Tata Consultancy Services (TCS), Infosys, HCL Technologies, Mphasis, Tech