The Indian stock markets have extended their losing streak to second straight week. This week the Nifty saw the second consecutive week of fall for the IT stocks, where Nifty IT tumbled close to 9% from its all-time backed by 2-week fall in Infosys, while a sharp weekly fall in TCS, which hold more than 50% weightage in the index.
Wipro, which holds 10.78% t in the index, had initiated turnaround since the last 3-weeks. IT stocks have overall clocked profit booking after the release of better third quarter earnings.
Nifty IT index corrected for two straight weeks amid sustained profit booking where the prices fell up to 38.2% retracement of the prior upward rally that started on September 8, 2017.
For 13 months, maximum decline in Nifty was 3%. As weekly performers, Real Estate sector rose 2.1%, Healthcare rose 2% and Metal index rose 0.6%.
Meanwhile on economic front, Monetary Policy Committee maintained repo-rate at 6 percent and continued with its neutral stance. Central Bank expects inflation at 5.1 percent in the fourth quarter and projected growth at 6.7 percent for FY18 which is lower than its previous estimate.