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IT stocks lead the market downwards

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IT stocks lead markets lower

IT Stocks Witness Selling Pressure; TCS Down More Than 3%

New Delhi, March 19 (IANS) – IT stocks faced a sharp decline today, with the bellwether stock TCS leading the pack with a more than 3 per cent decrease. The IT stocks index dropped by 2.4 per cent, making it the top loser on BSE.

Apart from TCS, other heavyweight IT stocks like Wipro, Infosys, and HCL Tech also saw a decline of more than 2 per cent each. Subex, Oracle Financial Services, and L&T Technology Services were also down by more than 3 per cent each.

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The market breadth is highly negative today, with 65 per cent of the stocks experiencing a decline. Furthermore, 335 stocks have hit the lower circuit, reflecting the overall weakness in the market sentiment.

At present, Sensex is trading at 72,085.37 points, down by 663.05 points or 0.91 per cent. Alongside the IT stocks, Nestle is down by 3 per cent and Indusind Bank has also witnessed a more than 2 per cent decline. The market is experiencing a broad-based selloff, with the IT sector showing weakness ahead of the upcoming US Federal Reserve meeting scheduled for this week.

The downward trend in IT stocks is attributed to the anticipation around the Fed meeting and its potential impact on the market dynamics. Investors are closely monitoring the developments to make informed decisions amidst the prevailing market volatility.

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Stay tuned for more updates as the market continues to navigate through these challenging times.

–IANS
biz/san/uk

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IANS, established in 1986, is India's largest independent news service, offering 24x7 news from India and South Asia, and a preferred source for diverse content across six business verticals.

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