The Nifty IT index slipped ~1% on Monday amid heavy selling pressure witnessed in Infibeam, Oracle Financial Services Software, HCL Tech, and Mindtree.
Shares of Infosys, HCL Tech, TCS, and MindTree, which declined 2% each, were leading the index’s fall. Shares of Mindtree, HCL Tech, Tata Elxsi, and Wipro also dropped in the range of 2-1%, respectively.
On the flip side, Tech Mahindra stock was up 1% after the company scheduled a board meeting on February 21, 2019, to consider a proposal to buy back equity shares of the company.
Shares of Wipro slipped 1% on the NSE after the SEBI granted certain exemptions to the company from the buyback norms in case of the proposed share repurchase programme.
KPIT Tech was trading at 52-week low at Rs94.30 in the morning trade. The stock fell for the second consecutive session.
The Indian rupee opened lower for the fourth consecutive session against the US Dollar weighed down by higher global oil prices. Presently, the currency is trading at 71.40/$ lower by 18 paise.
Meanwhile, equity benchmark indices were trading on a negative note with the Sensex declining 223 points to 35,586 points. Nifty fell 62 points to trade at 10,656 levels.
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