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The tech-heavy Nasdaq stock index slipped into a correction last week, defined as a 10% drop from its most recent peak. The broader S&P 500 neared that level Tuesday.
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Infosys dropped 4.3%, the top loser in the IT pack, after Morgan Stanley downgraded the stock from 'Overweight' to 'Equal-Weight'. Other IT large caps such as TCS, LTIMindtree, HCL Technologies, and Tech Mahindra declined 1.7-3.6%. Midcap IT companies fell 2-3%.
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The QIP market seems to be showing signs of revival. On Tuesday, Hitachi Energy India's 2,000 crore QIP - the largest such offering so far this year - was subscribed two times. With demand doubling, the company is likely to partially exercise the green shoe option. On Tuesday, another company, Centum Electronics, launched a 250 crore QIP.
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