The Nifty IT index settled 1.22 percent lower at 32,468.90, emerging as the worst-performing sectoral index on Monday, November 9, as selling pressure persisted across Indian information technology stocks. The decline in the Indian IT stocks comes as global artificial intelligence (AI) and semiconductor stocks staged a recovery in several Asian markets after suffering losses the previous week triggered by growing concern over AI-related investments.
The weakness in the domestic IT pack was broad-based, with eight of the 10 index’s constituents closing in red. Mphasis, HCL Technologies, Infosys and Tech Mahindra were among the major laggards on the index.
The Nifty IT index was down 400.75 points, or 1.22 percent, at 32,468.90. It opened at 32,745.75 and fell to touch an intra-day low of 32,151.80. The previous close was 32,869.65.
The Nifty IT index declined today tracking weakness across most of its constituents, with selling pressure in heavyweight stocks such as Infosys, Tata Consultancy Services (TCS) and HCL Technologies weighing on the sectoral gauge.
Mphasis was the biggest laggard in the index, declining 2.73 percent to Rs 2,455 from its Sunday's previous close of Rs 2,524. Similarly, HCL Technologies plunged 2.43 percent, while Infosys slipped 1.49 percent and Tech Mahindra fell 1.36 percent. Coforge was down 1.21 percent.