IT stocks rebound as TCS defends itself against CLSA downgrade

Mumbai: Shares of information technology (IT) companies, which had yielded ground on Monday, following a CLSA downgrade of the sector, bounced back on Tuesday following fresh buying and short covering in the derivatives segment.

The Tata Consultancy Services (TCS) stock, which had fallen 3.7% on Monday, gained 3.24% on Tuesday, while Infosys gained 0.65%. The BSE IT index was the biggest gainer, among the BSE sectoral indices, rising 1.16% and outperforming the Sensex gain of 0.31%.

The view on IT stocks improved after the investor relations (IR) team at Tata Consultancy Services (TCS)

Read More Here http://www.financialexpress.com/news/IT-stocks-rebound-as-TCS-defends-itself-against-CLSA-downgrade/806825/

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