IT stocks gain on value buying after steep falls

Software service providers gain on value buying after a recent slump. Tata Consultancy Services gains 3.2 percent, while Infosys is up 2.1 percent and Wipro gains 2.2 percent.

Technical indicators also show the falls may be overdone. The 14-day relative strength index for the NSE IT sub-index dipped below 30 on Wednesday for the first time since April 2013.

The sub-index is also trading below its 20-, 50-, and 100-day moving averages as well as at the lower of its Bollinger band.

IT outsourcers have largely missed out on the record with the NSE IT sub-index down 11.4 percent so far in March compared with a 3.94 percent gain in the NSE.

Profit-taking after a strong rally last year, worries about a recovering rupee and caution about revenue in the current quarter have pressured IT shares.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • India’s festivals teach us to share our wealth and joy

    India is an aporia in its own true sense.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Tushar Gandhi

Sustainable model for rural sanitation

Prime minister Narendra Modi has promised to build a toilet ...

Zehra Naqvi

How smells evoke strong memories

Remember that time when a passing fragrance transported you to ...

Dharmendra Khandal

Indian zoos need a fresh approach

Recently, when a man jumped in a tiger trench of ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture