IT Stocks Fall Even Amid Positive Market Sentiment


IT Stocks Fall Even Amid Positive Market Sentiment

Indices at the time of writing this report have pared most of day’s gains. However broader markets are seen outperforming their headline peers. The market mood has been lifted by government’s move to begin with vaccination drive for all above 18 years from May 1. The step has provided some solace to the nervous investors.

The surge in markets has come even as the US treasury yield has climbed again above levels of 1.6 percent. Sectorally, all but one Nifty sectoral indices are trading in the green except Nifty IT.

The pullback in IT stocks has come despite Covid 19 throwing new opportunities to the sector amid increasing work from home and demand for Cloud technologies.

Individually, stocks that saw weakness from the pack include Infosys, HCL Tech, TCS, L&T Infotech and Tech Mahindra, while stocks providing some lift have been Mphasis and InfoEdge.

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