ETMarkets’ Investors Guide: Time to be a contra buyer in IT stocks?
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Description
Amid the ongoing selloff on Dalal Street triggered by US Fed’s hawkish than expected commentary, it is becoming tougher to buy stocks. While bank stocks are the worst affected, defensives like pharma, IT and FMCG are outperforming. Smallcaps are looking more vulnerable.
IT stocks have been among the worst sectoral performers on Dalal Street this year. The top 3 worst Nifty performers in 2022 are all IT stocks - Wipro, Tech Mahindra and HCL Tech.