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“We continue to remain underweight on IT stocks. I know there is a little bit of buying happening given the defensive nature of this pack, but I believe that the US market is going to come in for a lot of jitters and international investments are also slowing down. So we continue to remain negative on the IT pack.”

Going by the report, the value of FPIs investments in Indian equities dropped to USD 584 billion as of December 2022 as compared to USD 654 billion at the end of December 2021

“Once inflation and rates are taken out of the equation, recession in the US is another aspect. The amount of individual leverage or retail leverage that is there in the US is a cause for worry which could lead to recession. All of this takes us back to where will the growth really come from?”

Over the past six months, benchmark index Sensex has increased by roughly 1.2%, whereas the BSE Bankex has seen a gain of about 3%>> For more such web stories click on the ET icon below

The U.S. dollar index, which measures it against six other major currencies, slipped 0.14% to 103.83, though is up almost 1.8% for the month, keeping it on track for its first monthly gain since last September. It hit a six-week high of 104.67 on Friday

The total volume in DeFi is currently $7.58 billion, 12.03% of the total crypto market 24-hour volume. The volume of all stablecoins is now $55.82 billion, which is 88.56% of the total crypto market 24-hour volume.

A total of 122,869 shares changed hands on the counter till 01:58PM (IST).

"Revenues of Tier-1 IT came in above expectations, with the exception of Wipro. This beat was aided largely by an increase in pass-through revenues. Revenue growth has slowed down to low-teens across companies and should move down further in the subsequent quarters," said brokerage Kotak Institutional Equities.

Red Herring Prospectus or RHP is a document that contains comprehensive information about a company planning to raise money through public markets.

On the technical charts, the RSI of the stock stood at 37.48.