₹3 lakh crore wiped out in tech rout; Sensex, Nifty fall nearly 1%, IT Index slides 8%

The equity benchmark indices BSE Sensex and NSE Nifty ended largely in the red this week, with the Sensex and Nifty falling nearly 1% each amid a sharp sell-off in information technology stocks on Friday (February 13).

The IT index declined 8% during the week, marking its biggest weekly fall in a year. The sector-wide correction erased nearly ₹3 lakh crore in market capitalisation over the five trading sessions.

From the Sensex basket, Bajaj Finance Ltd, Eicher Motors Ltd, Hindustan Aeronautics Ltd and Apollo Hospitals Enterprise Ltd were the major gainers.

Hindalco Industries Ltd,

Hindustan Unilever Ltd, Adani Enterprises Ltd, Oil and Natural Gas Corporation Ltd, Tata Steel Ltd and Coal India Ltd were the biggest laggards.

Five of the top six losers on the Nifty were IT names, including Infosys, HCL Technologies, Tata Consultancy Services, Wipro and Tech Mahindra. In contrast, defence and PSU bank stocks outperformed during the week, climbing nearly 4% each. Among the top gainers on the Nifty were Eicher Motors, State Bank of India, Shriram Finance, Apollo Hospitals and Bajaj Finserv.

On the midcap front, top losers included Coforge, KPIT Technologies, Oracle Financial Services Software, Oil India and LTIMindtree. Midcap gainers during the week included Bharat Forge, Kalyan Jewellers, Zee Entertainment Enterprises, Poonawalla Fincorp and Astral.