Nifty IT surged nearly 2%, led by HCL Tech, TCS, and Tech Mahindra despite the minutes of the Federal Reserve s latest policy meeting indicating most policymakers were concerned about the risk of cutting rates too soon. The market capitalisation of all listed companies on BSE increased by Rs 3.26 lakh crore to Rs 392.13 lakh crore.
Nifty Financial Services dropped 1%, as HDFC Bank lost 3%, extending declines from its worst session in over three years on Wednesday. The IT index fell 0.6%, dragged by a 10.7% decline in LTIMindtree after it missed December-quarter profit estimates on weak demand and furloughs.
IT stocks took a breather, falling 1.3%, after jumping 7.1% in the last two sessions on the back of better-than-expected results from the top four software companies. HCLTech, Wipro, Infosys, Tech Mahindra, and TCS were among the top Sensex losers, dropping between 1-2%.