Tuesday, 12 July 2011

Infosys, Wipro, TCS go under in morning trade

By now under force, shares of software services stiff shack 1 to 6 percent in early trade today after bellwether Infosys story muffled first quarter fallout along with a weak broader marketplace.

The BSE IT index was the major loser in the broader bazaar, lessening by now about 4 per cent to a low of 5,851.37 points in early trade. It was afterward trading at 5,881.19 points, down 3.46 per cent from its preceding shut. Infosys trip up by as much as 6 per cent to Rs 2,749.35 and hauled other software firms down as well. Larger adversary Tata Consultancy Services shed 3.64 per cent to a low of Rs 1,113.65.
Other software firms also bystanders a similar trend in morning trade on the falls, with Wipro falling as much as 3 per cent, while HCL Tech was down 2.11 per cent, M Phasis 2.25 per cent and Tech Mahindra 1.90 per cent. However, three companies defied the broader market trend and were trading in the positive territory, counting Patni, which was trading at Rs 339, up 0.73 per cent, and Oracle at Rs 2,297.05, up 0.06 per cent on the BSE.

Ashika Stock Broking Research Head (Equities) Paras Bothrasaid,"Infosys results were not up to the mark and if there is any nasty surprise ahead for TCS, then the whole IT sector can get downgraded."


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