IT stocks shake off Infosys' results impact

Major IT stocks that were in the red in the wake of second quarter results published by IT major Infosys were back in the green after about two hours of trading with Infosys itself recovering from its early lows.

Of the 20 stocks in the CNX IT, only five were in the negative territory and barring Infosys, the losses of others were only marginal. Infosys itself has recovered about 50 per cent of its losses from the early minutes of trading.

Infosys , which was down by more than 8 per cent or about Rs 200, minutes after trading had begun after it came out with its Q2 numbers and guidance, is now down by Rs 105.95 at Rs 2,427.25. It touched a low of Rs 2,311.

TCS, which seems to have upstaged Infosys as the most influential counter in the IT sector, at one time fell to Rs 1,273.20. But it is now up by Rs 7.10 at Rs 1,296.55. HCL Tech , that was once down, is in the green now, up by Rs 1.40 at Rs 578.25. Its day’s low was Rs 567.10.

It was only Wipro among the top four IT stocks that was still in the red, other than Infosys. Wipro was down by Rs 4.35 at 453.90. It has dipped to a low of Rs 349.05.

Though there were 15 CNX IT counters that were in the positive territory, the major gainers were CMC and Tech Mahindra , apart from TCS. Tech Mahindra was up by Rs 5.25 at Rs 984.75 and CMC has gained Rs 11.70 at Rs 1,145. The gains made by other IT stocks were marginal.