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Nifty IT Index Sees Steep Drop Amid Market Sell-off
12 Feb
Summary
- Nifty IT index plunged 5.51%, losing 13% in the past month.
- Tech giants like Coforge and Oracle Financial saw significant drops.
- The IT index's year-long decline contrasts with the Nifty 50's rise.
The Nifty IT index experienced a significant decline, closing today at 33160.2, marking a 5.51% drop. This downturn follows a broader trend, with the index having lost 13.00% over the past month.
Several key technology companies contributed to the index's fall. Coforge Ltd saw its shares decrease by 6.50%, Oracle Financial Services Software Ltd slipped by 6.28%, and Tech Mahindra Ltd dropped by 5.98%. These individual company performances reflect the challenging environment for the IT sector.
Over the last year, the Nifty IT index has decreased by 21.00%. This performance starkly contrasts with the benchmark Nifty 50 index, which has seen a 11.98% increase during the same period, highlighting a divergence in market performance.
Other indices also faced pressure. The Nifty Realty index slid by 1.45%, and the Nifty Media index was down by 1.31%. In the broader market, the Nifty 50 closed down 0.57% at 25807.2, and the SENSEX declined 0.66% to 83674.92.
