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IT Stocks buck the stock market sell-off. Here’s why…

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IT Stocks buck the stock market sell-off. Here’s why…

The domestic equity indices saw a sharp sell-off during the later half of the day on Friday. Most of the sectoral indices were in the red. However, the Nifty IT and FMCG bucked the trend and were up 0.4 and 0.5% each.

Mphasis was the top gainer in the Nifty IT, up more than 3% on the National Stock Exchange. In the Nifty IT out of 10 stocks, 7 were trading higher. 

Investors’ sentiments are bolstered by the strong third-quarter performance of mid and large IT companies. Recently, Persistent Systems, Coforge, and Zensar Technologies reported their earnings for Q3 FY25 after which the stocks surged as much as 12%. Wipro remained one of the top gainers in the Nifty 50 throughout the day on Thursday, posting a gain of 2.8%. 

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