Infosys Ltd., TCS Ltd., HCL Tech Ltd. and LTIMindtree Ltd. witnessed major delivery-based selling on Monday, with the Nifty IT ending lower for the second consecutive day. Investors lost nearly Rs 1.03 lakh crore in the first session of the truncated week as the NSE Nifty IT slumped to the lowest level in over six months. The market cap of IT stocks fell to Rs 33.08 lakh crore.
IT stocks declined, tracking overall weakness across markets after global stocks fell on fears of a slowdown in the US economy as data showed that economic activities in the country slowed to a 17-month low. US business activity slowed on fears of impact of tariff on imports and reduction in federal spending.
Infosys Ltd. recorded a delivery percentage of 72.9%. The total volume turnover stood at Rs 1,419 crore, with a delivery turnover of Rs 1,001.9 crore. Tata Consultancy Services Ltd. witnessed a delivery percentage of 74.4%. The total volume stood at Rs 1,023 crore, and the delivery turnover contributed Rs 761.6 crore.
HCL Tech Ltd. recorded a delivery percentage of nearly 63.2%. The total volume turnover stood at Rs 747 crore, and the delivery turnover contributed Rs 472 crore. The stock also witnessed delivery of 2.5 times its one-month average. This delivery-based selling becomes significant as the stock was down 3.33% in the last session.
Similarly, LTIMindtree Ltd. recorded a delivery percentage of 70.6%. The total volume turnover stood at Rs 610 crore, with a delivery turnover of Rs 431 crore.
Nifty IT dropped nearly 3% in Monday’s trading session and went down nearly 15% from its all-time high.
The other stocks which saw massive delivery-based selling include HDFC Bank Ltd., ICICI Bank Ltd., Mahindra and Mahindra Ltd., Reliance Industries Ltd. and Bharti Airtel Ltd.
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