Synopsis
A study done on the IT companies that have a market capitalisation of more than Rs 5,000 crore showed none of the Indian IT giants could make it to the Top 5 in terms of highest 10-year returns.
Agencies
IT companies have performed exceedingly well in last one year, surpassing the returns of last 5 years.
In 2020, BSE IT and BSE Healthcare indices outperformed other sectoral indices with gains of 56 per cent and 61 per cent, respectively. During the same period, the benchmark Sensex rose 15 per cent. Stocks from both the sectors have seen a phenomenal run.
India is moving towards becoming a digital economy. Being one of the fastest emerging sectors, IT has shown global reach, lower risk, high- quality infrastructure, and connectivity that contributes immensely to the Indian economy. Its growth is escalating due to components such as BPO and government initiatives such as Digital India, MeitY Startup Hub (MSH).
US stocks sank on Friday as investors digested disappointing bank earnings and a December slump in retail sales. Retail sales shrank 0.7% in December as COVID-19
Updated Jan 15, 2021 | 09:51 IST
BSE Sensex was at 49,237 levels down by almost 346 points or 0.7% around 0949 hours while 50-stock NSE Nifty slipped almost 111 points at 14,484 levels Sensex down 350 points, Nifty below 14,500 in first hour of trade; Bharti Airtel, UPL in green | Photo Credit: IANS
Mumbai: Indian markets slipped in red after a flat opening tracking weakness in US markets overnight. The 50-stock Nifty benchmark index was at 14,484 levels down by almost 111 points or 0.7% around 0949 hours while 30-stock BSE Sensex was down almost 346 points at 49,237 levels.
Shares of Airtel rose 3% in early trades as it was reported that the weightage of the stock will increase in the MSCI Global Standard indexes in February 2021 quarterly review.
Updated Jan 15, 2021 | 16:28 IST
The 30-share BSE Sensex closed at 49,034, down by 546 points or 1.1% while the broader NSE Nifty index slipped nearly 161 points to close at 14,433 levels. Sensex slips over 540 points, Nifty below 14450 levels amid profit booking, volatility I File photo | Photo Credit: BCCL
Key Highlights
Both Sensex, Nifty lost over 1% on Friday dragged down by IT and banks stocks
Nifty Smallcap and Midcap indices snapped their two-week gaining spree on Friday
Markets slipped in the red zone after a flat-to-negative opening in early trades but the selling momentum sustained as investors decided to book some profits.
The 30-share BSE Sensex closed at 49,034, down by 546 points or 1.1% while the broader NSE Nifty index slipped nearly 161 points to close at 14,433 levels.