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Infosys can slip below Rs 1,000 levels; TCS can hit Rs 2,900, charts show

Nifty IT index may fall up to 3 per cent post hitting a new 52-week low, trend turns bearish.

The combined net profit of 20 cyclical companies in the index is expected to grow by 38.8 per cent YoY to Rs 1.01 trillion
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Nifty IT index slips to fresh 52-week low

Avdhut Bagkar Mumbai

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Nifty IT index hit a new 52-week low on Monday post Infosys and Tata Consultancy Services delivered lower-than-expected quarterly earnings, missing street estimates.  The index plunged over 6 per cent in the early trades, with Infosys locking in 10 per cent lower circuit and Tata Consultancy Services tumbling 4 per cent.

All of the constituents in Nifty IT index tumbled over 3 per cent, with LTIMindtree and Persistent Systems losing the most by plummeting nearly 10 per cent. 

Shares of Mphasis and Wipro also slipped to fresh 52-week lows on Monday. 

Thus, will this Q4FY23 results push IT stocks in

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First Published: Apr 17 2023 | 11:36 AM IST

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