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The stock quoted a 52-week high price of Rs 7595.25 and a 52-week low of Rs 3733.25.

"The cost for IT companies has increased due to higher attrition rate, inflated compensation and increased travelling cost which have hurt the operational performance and margins of the IT sector, neutralising the windfall gains of weak rupee," Bathini added.

Gold futures on MCX were trading higher about 0.45 per cent or Rs 223 at Rs 50,330 per 10 grams. Silver futures traded up by 0.67 per cent or Rs 370 at Rs 55,957 per kg.

L&T Technology Services Ltd. key Products/Revenue Segments include Service (Engineering) for the year ending 31-Mar-2022.

The Relative Strength Index of the stock stood at 41.0 on Monday.

A total of 455,424 shares changed hands on the counter till 10:40AM (IST)

“It could see a trading kind of a rally but directionally for long-term investors, IT does not offer too much value at this stage because I still expect earnings downgrades. Cross-currency headwinds are working against IT companies, Expect further margin pressure on IT earnings over the next couple of quarters.”

Bank Of Maharashtra, Alok Industries, Metropolis Healthcare, Heidelberg Cement, Ganesh Housing Corporation, Nelco, Onward Technologies and Elixir Capital are among the companies that will announce their quarterly earnings today. Onward Technologies will have its annual general meetings (AGM) while the board of Parag Milk Foods will meet to consider the preferential issue of shares.

"The lower prices have made valuations quite reasonable. The quarterly commentary for a lot of companies has been encouraging and long-term investors are pitching in with their purchases for decent returns over the next 12- 15 months. The market should be range bound till October-November when a lot of haziness around Ukraine crisis and inflation would subside."

The global cryptocurrency market cap was trading higher at the $978.65 billion mark, rising close to 2 per cent in the last 24 hours. However, the total cryptocurrency trading volume dropped about 3 per cent to $60.49 billion.