Tejas Networks Faces Ongoing Market Pressures Amid IT Hardware Sector Challenges

Tejas Networks, a midcap player in the IT - Hardware sector, has experienced significant volatility today, opening with a loss of 4.6%. The stock has underperformed its sector, which has declined by 3.77%, and has seen a consecutive drop over the past two days, totaling a decline of 7.46%.
During intraday trading, Tejas Networks reached a low of Rs 994.05, marking a decrease of 9.37%. The stock's performance today reflects a 7.55% drop compared to the Sensex, which only fell by 0.16%. Over the past month, Tejas Networks has faced a more substantial decline of 14.90%, while the Sensex has decreased by 2.64%.

Additionally, the stock is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend in its recent performance. As the IT - Hardware sector continues to face challenges, Tejas Networks' current trajectory highlights the ongoing pressures within the market.