D-Street Buzz: IT stocks drag; Infosys, TCS, Tech Mahindra in the red; HCL Infosystems hits lower circuit

The Indian stock market was trading in the red after a sober economic outlook from the US Federal Reserve dented broader risk appetite. Sensex is down 103.32 points or 0.30% at 34143.73, and the Nifty down 22.10 points or 0.22% at 10094.10.

Among the sectors, BSE IT shed a percent dragged by HCL Infosystems which was down 5 percent followed by TVS Electronics, Tanla Solutions, NIIT Tech, Kellton Tech and L&T Infotech.

Infosys share price was down over a percent while Tata Consultancy Services, Tech Mahindra, Hexaware Tech, Wipro and Mphasis were the other losers.

Among the gainers, share price of Ramco Systems surged 20 percent upper circuit after Mumbai-based investor and trader Vijay Kedia picked up 1.1 percent equity stake as per the bulk deals data available on the National Stock Exchange.

This was followed by 63 Moons Tech, 3i Infotech, Birlasoft, Cyient, Datamatics Global, Expleo Solution and Mastek which gained 2-5 percent each.

Brokerage firm Axis Securities has a buy recommendation on HCL Tech with target at Rs 653 per share. It believes that large transformational deal wins and ramp-up in large deals will help HCL to generate more sustainable revenues as compared to its peers even in uncertain times.