Share market update: IT shares tumble; Infosys slips over 2%

NEW DELHI: The Nifty IT index was down 1.29 per cent at 14,354.85 on Friday with most of its components trading in the red.

Shares of Infosys (down 2.18 per cent), Wipro (down 1.52 per cent), Tata Consultancy Services (down 1.24 per cent)and NIIT Technologies (down 1.09 per cent) were the top losers in the index.

Shares of Infosys slumped and broke below a support at Rs 654.50, the 38.2 per cent Fibonacci projection level of the downtrend from October 1 high to November 26 low. In the near term, the stock may find support at its 200-day EMA or at Rs 636.20, the 50 per cent projection level.


Tech Mahindra (down 0.99 per cent), Tata Elxsi (down 0.98 per cent)and HCL Technologies (down 0.56 per cent) too were trading with losses.

Benchmark NSE Nifty50 index was down 135.30 points at 10,816.40 while the BSE Sensex was down 424.25 points at 36,007.42.

Among the 50 stocks in the Nifty index, 2 were trading in the green, while 48 were in the red.

Shares of BEL, YES Bank, Indian Oil Corp, Tata Motors, BHEL, Ashok Leyland, SBI, Bank of Baroda and Indiabulls Housing Finance were among the most traded shares on the NSE.