The Nifty IT index hit a more than nine-month low, trading at its weakest level since April 17, 2025.
'I expect IT stocks to trade lower for some time. They are unlikely to make money for investors.'
The last time these two indexes recorded a negative performance on a calendar year basis was in CY19.
The Indian equity markets will soon account for over a fifth of a key emerging market (EM) benchmark tracked by funds with assets exceeding $500 billion. This development is expected to funnel as much as $3 billion into the domestic markets. Following the latest review undertaken by global index provider MSCI, India's weighting in the MSCI EM index will surpass 20 per cent for the first time, narrowing its gap with the current top-weighted China to fewer than 400 basis points.
The S&P BSE Midcap and the S&P BSE Smallcap indices have managed to stay afloat in a volatile January that saw the frontline indices hit their respective 52-week high levels and then slip. While the S&P BSE Sensex has lost over 2 per cent thus far in January, the S&P BSE Midcap and the S&P BSE Smallcap indices have gained nearly 2.5 per cent and 4 per cent, respectively during this period.
Oracle will reduce its current 80.3 per cent ownership stake in OFSS, a provider of IT products to the financial services industry globally, to 75 per cent in order to meet regulatory requirements adopted in India in June 2010, the company said in a statement.
IT stocks on Wednesday rose by as much as 3.4 per cent after Cognizant posted 15.4 per cent jump in net profit for the third quarter ended September 30, 2013 and revised its full year revenue target.
Most of the large mid-caps share similar business model as the large-caps and have more of less similar set of clients.
The top gainers on the Sensex were Cipla, Bharti Airtel, Maruti Suzuki, Hero Moto & Sesa Sterlite.
Jindal Steel and Power was the top loser down 10% followed by Hindalco, Tata Steel, Tata Power which ended down between 0.5-3% each.
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