IT stocks show mixed trend as broader market soars after exit polls suggest another term for ruling NDA govt

New Delhi: IT stocks Monday showed a mixed trend even as the broader market soared after exit polls suggested another term for the ruling NDA government.

During the early trade, IT index was the only one trading in the red. However, it ended in green by gaining 0.69 percent to 15,515.99.

Among the IT stocks, Infosys fell 0.19 percent to close at Rs 722.40 on the BSE. During the day, it was trading 2.34 percent lower at Rs 706.85.

Some of the other IT stocks that closed the counter with losses are Larsen & Toubro Infotech (down 1.54 percent), Tech Mahindra (down 1.04 percent) and Allsec Technologies (down 0.79 percent).

 IT stocks show mixed trend as broader market soars after exit polls suggest another term for ruling NDA govt

Representational image. Reuters

On the other hand, TCS bounced back to close at Rs 2,139.30, up 2.05 percent. Intra-day, it was trading 2.19 percent lower at Rs 2,050.25.

Other IT stocks that ended in green include Mphasis (up 0.36 percent), Mindtree (up 0.12 percent) and Hexaware Technologies (up 0.93 percent).

The trend in the IT counter assumes significance as the broader market witnessed heavy buying.

The BSE-benchmark Sensex soared 1,422 points, or 3.75 percent, to end at 39,352.67, while the broader NSE Nifty jumped 421.10 points to 11,828.25.

Market analysts said the rising rupee is expected to add pressure to IT stocks as most of these companies depend heavily on exports.

The rupee appreciated 49 paise to settle at 69.74 against the US dollar on Monday.

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Updated Date: May 20, 2019 18:03:49 IST