IT Stocks tumble after Moody’s Sovereign Bond upgrade
The sovereign bond upgrade by Moody’s augurs bad for the IT biggies, with most of the companies seeing lows even as the benchmark Indices gain over 1% as against the correction expected in the markets.
Infosys was hit the highest in the IT pack among the 30 shares index. This has come in after rupee appreciated to its highest level in four times against the dollar. All sector indices saw an upside except the IT pack. The laggards in the space include all IT majors TCS, Infosys, Tech Mahindra, Wipro, HCL. The Nifty IT index lost as much as over 1% and was last seen at 11180.90.
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