The Nifty IT traded in a volatile session on Monday ahead of major companies like Infosys and Wipro's June 2021 (Q1FY22) quarterly result later this week. The index traded between flat to green in the early session, however, reversed the trend and was on a bearish tone as the majority stocks tumbled or performed at a slower pace.
At around 2.08 PM, Nifty IT was trading at 28,587.65 down by 74.55 points or 0.26%. The index had touched an intraday high and low of 28,854.55 and 28,547.05 respectively.
Wipro was the top gainer ahead of Q1, however, surged marginally by 0.4%. Tech Mahindra, HCL Tech and Coforge inched up by 0.3% each.
On the other side, Oracle Financial Services dipped the most by 1.6% followed by Mphasis and Mindtree diving by 0.9% and 0.8% respectively. Infosys and L&T Infotech shed by 0.6% and 0.5%.
TCS was marginally lower.
In Q1FY22, TCS registered a 28.5% yoy growth in consolidated net profit to Rs9,008cr. In the quarter under review, consolidated revenue was at Rs45,411cr rising by 18.5% yoy. The company's constant currency revenue growth was 16.4% yoy.
Infosys will announce its Q1 result on July 14, while Wipro is scheduled for July 15.
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