Indian IT stocks witnessed profit booking on Tuesday, snapping a three-day winning streak during which the sector had gained nearly 2 percent. The selling pressure pushed the Nifty IT index down over 1 percent, making it one of the top sectoral laggards in the broader market.
Notably, all 10 constituents of the Nifty IT index were trading in the red, reflecting broad-based weakness across the information technology space.
Mphasis, HCL Tech Among Top Losers
Mphasis emerged as the worst performer in the IT pack, sliding 1.75 percent to Rs 2,847.50 on the NSE. Oracle Financial Services Software declined 1.71 percent, while HCL Technologies slipped 1.66 percent.
Other heavyweight IT stocks such as Infosys, Tata Consultancy Services (TCS), Wipro, and LTIMindtree also remained under pressure, falling by up to 1 percent during the session.
Why IT Stocks Are Falling
The decline in IT shares is largely attributed to profit booking after recent gains, as investors chose to lock in profits amid broader market weakness and cautious global cues.
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