Indian IT stocks gain on value buying after steep falls

Mar 20 2014, 16:07 IST
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Tata Consultancy Services gains 3.2 pct, while Infosys is up 2.1 pct and Wipro  gains 2.2 pct. PTI Tata Consultancy Services gains 3.2 pct, while Infosys is up 2.1 pct and Wipro gains 2.2 pct. PTI
SummaryTata Consultancy Services gains 3.2 pct, while Infosys is up 2.1 pct and Wipro gains 2.2 pct.

Indian software service providers gain on value buying after a recent slump. * Tata Consultancy Services gains 3.2 percent, while Infosys is up 2.1 percent and Wipro gains 2.2 percent.

Technical indicators also show the falls may be overdone. The 14-day relative strength index for the NSE Nifty IT sub-index dipped below 30 on Wednesday for the first time since April 2013.

The sub-index is also trading below its 20-, 50-, and 100-day moving averages as well as at the lower of its Bollinger band.

IT outsourcers have largely missed out on the record with the NSE IT sub-index down 11.4 percent so far in March compared with a 3.94 percent gain in the NSE.

Profit-taking after a strong rally last year, worries about a recovering rupee and caution about revenue in the current quarter have pressured IT shares.

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