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On February 18, the Nifty IT index gained nearly 150 points, rising to 41,226 and breaking its 7-day losing streak
Nifty IT index snaps 7-day losing streak
Nifty IT Index Rises: On February 18, the Nifty IT index gained nearly 150 points, rising to 41,226 and breaking its 7-day losing streak. This rally came as IT stocks surged, buoyed by the Indian rupee opening 5 paise lower, threatening to breach the 87 mark against the US dollar.
A stronger US dollar against the rupee typically benefits exporters earning in dollars, such as IT services, pharmaceuticals, and textiles, leading to an uptick in their stock prices despite the fall in the rupee.
LTI Mindtree led the gains, rising as much as 2.41% to Rs 5,605 per share. Persistent Systems followed with a 1.47% increase, trading at Rs 5,612 per share, while L&T Technology Services (LTTS) rose 1.46%, reaching Rs 4,887 per share. Other stocks such as Tech Mahindra, Wipro, and Infosys also recorded minor gains.
However, some stocks bucked the trend, trading in the red. TCS and Mphasis saw slight losses, while Coforge dropped over 1% to Rs 7,605 per share.
The rise in heavyweight stocks like LTI Mindtree and Infosys helped pull the index upward, but the decline in Coforge and TCS capped the gains. The Nifty IT index had seen a continuous loss over the previous seven sessions since February 7, shedding nearly 1,950 points, amid ongoing market volatility. On February 18, the Sensex fell by nearly 367 points to 75,630, while the Nifty dropped 127 points, settling at 22,832.
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