Nifty IT falls post TCS, Infosys results; sector to underperform

Information technology (IT) sector was in focus on Friday, with the NiftyIT index falling over 1% after two of its biggest constituents, Infosys and TCS, announced their Q1FY18 results. 

So far in 2017, the index has underperformed the market by gaining 2% against 18% rise in the benchmark index amid concerns of rupee appreciation, wage hikes and visa related issues. 
 

The Nifty IT index extended losses, ending over 1% lower for teh day as compared to 0.05% fall in BSE Sensex.

While Infosys beat street expectations to gain as much as 3%, TCS was the top loser on the frontline