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Tech is not a mature business in that sense that you will not see growth, again we are talking at a trough of a cycle in terms of the economies which they cater to. So, I do not think that is the thing that demand is going to dry up for IT.

The Nifty Realty index was trading 0.18 per cent up at 425.95.

The HDFC Bank share prices followed the overall weakness in the stock markets triggered by the rout in Infosys, which fell nearly 12% at 10 am. The 50-stock Nifty50 was trading at 17,613.95, down by 214.05 points or 1.2%.

The stock quoted a 52-week high of Rs 7377.6 and a 52-week low of Rs 4299.8.

Analyst Sandip Sabharwal believes that the bad news from management on large IT stocks has been priced in, so investors should consider buying in on dips of around 15-20%. While there could be further cuts in earnings, ahead after the first quarter, Sabharwal noted it would be key when to take positions in these companies.

Closer to home, while the RBI has paused the rate hikes it is still not done with the fight with inflation. The possibility of a “below-normal” monsoon is going to stoke inflation further.

Equity markets have rallied for the past few days on the back of short-covering by FIIs and firm global trends. Going forward, stock-specific action would remain high on Dalal Street, with fourth-quarter earnings underway.

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“Nifty formed a bullish candle on the daily frame with longer lower shadow indicating strong support-based buying and it has been making higher highs - higher lows from the last nine sessions,” he said.