Infosys, which had closed yesterday at Rs.1376.55, opened flat but soon fell to a new 52-week low today at Rs.1360.05 and is currently trading at Rs.1375 levels.
Not just Infosys, almost all IT stocks are down in the red today.
The reason being a knee-jerk reaction to the IT stocks in the US falling yesterday on the back of growth concerns.
These IT stocks are some of the best managed companies in India with very low debt and a sector which consistently does well. Yet, some on the Street have spread panic on the counter saying that its margins could see a sharp dip due to worsening US and European economy. IT stocks across the globe are facing a massive sell off. With talks of recession gaining ground, IT stocks are facing the brunt.
Infosys and TCS are bellwether stocks and any dip is a good time to accumulate for the long term.