Stock market update: Nifty IT in red; TCS, Infosys, HCL Tech, Wipro, Tech Mahindra fall

NEW DELHI: Friday's trade began with solid gains for domestic equity market.

Domestic equity market benchmark Sensex jumped over 500 points during early deals while the NSE counterpart Nifty breached 10,400 in the wake of a decent rise in rupee and an ebb in the global crude oil prices.

All sectoral indices, but Nifty IT, were in the green on NSE. IT stocks fell amid a fresh rise in the domestic currency against the US dollar.

The rupee opened 33 paise up at 73.80 against dollar on account of some selling of the American currency by banks and exporters.

The Nifty IT index was trading 1.44 per cent down at 14,472 around 09:45 am on losses in shares of Tata Consultancy Services (down 3.03 per cent), HCL Technologies (down 2.94 per cent), Infosys (down 1.57 per cent), Wipro (down 0.77 per cent) and Tech Mahindra (down 0.50 per cent).

Shares of TCS declined even as the second quarter performance of the company showed that the country’s largest software exporter is on a solid footing.

TCS on Thursday posted 22.57 per cent YoY rise in profit at Rs 7,901 crore for the second quarter, largely in line with Rs 7,929 crore estimated by analysts in an ET NOW poll.

Meanwhile, shares of Infibeam Avenues (up 3.25 per cent), Tata Elxsi (up 2.54 per cent), Oracle Financial Services Software (up 1.38 per cent), Mindtree (up 0.90 per cent) and NIIT Technologies (up 0.88 per cent) were in the green in IT index.

Benchmark NSE Nifty50 index was up 169 points at 10,404, while the BSE Sensex was up 525 points at 34,526.

Among the 50 stocks in the Nifty index, 45 were trading in the green, while five - HCL Tech, Tech Mahindra, TCS, Infosys and Wipro -were in the red.