Stock market update: IT shares dip; HCL Tech down over 2%

NEW DELHI: IT shares were trading with losses in Wednesday's morning session.

Shares of HCL Technologies (down 2.05 per cent ) , Wipro (down 1.74 per cent ) , NIIT Technologies (down 1.68 per cent ) and Tech Mahindra (down 1.23 per cent ) were the top losers in the index.

Infosys (down 1.05 per cent ) , Oracle Financial Services Software (down 0.86 per cent ) , Tata Consultancy Services (down 0.68 per cent ) and Mindtree (down 0.09 per cent ) too were trading lower.


The Nifty IT index was trading 1.06 per cent down at 15,750.45 around 10:04 am.

CLSA has reiterated a buy for TCS with a target at 2570/share on deal wins in cloud across verticals. Meanwhile, it has reiterated a sell for Wipro with a target at 220/share on poor execution despite early focus, investments and large acquisitions.

Benchmark NSE Nifty50 index was up 22.75 points at 11,025.80 while the BSE Sensex was up 98.96 points at 37,244.41.

Among the 50 stocks in the Nifty index, 35 were trading in the green, while 15 were in the red.

Shares of YES Bank, Vodafone Idea, Tata Motors, ICICI Lombard General Insurance Company, Ashok Leyland, JSPL, SAIL, Dish TV India, Kalpataru Power and NBCC were among the most traded shares on the NSE.