The weightage of the IT sector in the Nifty-50 fell to a five-year low

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AHMEDABAD: The recent sell-off in IT stocks, particularly post-results rout in Infosys and Tata Consultancy Services, has led to a significant decline in the weightage of the IT sector in the Nifty 50 index.

The sector's weightage in the benchmark index was 17.7 per cent in March 2022, which has now fallen to a five-year low of 12.2 per cent. The index share of the top IT companies - TCS, Infosys, Wipro, HCL Technologies and Tech Mahindra - fell to 13.6 per cent at the end of March. The combined market capitalization of the top five IT companies in the Nifty 50 has declined by 8.2 per cent since the start of 2023, while the Nifty 50 has decreased by only 2.7 percent during this period. Based on Thursday's closing price, the combined market cap of five major IT companies is Rs. 22.2 lakh crore, which at the end of December 2022 was Rs. 24.2 lakh crore and at the end of March this year Rs. 23.7 lakh crores.

The shocking figure is that the total market capitalization of these five IT companies in December 2021 is Rs. 31 lakh crore from a record level of 28.3 percent in the last 15 months. In comparison, the benchmark index has recorded an increase of 1.6 percent during this period.

However, according to market analysts, the IT sector has bottomed out at this level and is now witnessing significant growth. A good performance can now be seen in the IT sector, which suffered the biggest decline in market cap after the Corona epidemic.

The total market capitalization of the top five IT companies has increased by 110 percent since the end of December 2017, while the Nifty 50 has gained 67.4 percent during the same period.

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