IT stocks decline on weak US economic data - Hindu Business Line

IT stocks, led by sector major TCS, fell in the range of 1 to 4 per cent on the BSE on Friday hit by weak economic data in the US and continuing sovereign debt crisis in Europe.

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IT giant TCS was the worst loser as it lost 3.58 per cent to settle at Rs 1,110.50 on the BSE. In intra-day, the stock diminished by 4.12 per cent to hit a month’s low of Rs 1,104.15.

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TCS and Infosys together proved the biggest dampeners for the broader market after RIL. “The fall in these stocks can be attributed to weakness in the global market after disappointing US data and concern on Greece debt crisis,” Motilal Oswal Securities Associate VP —Sr Analyst - Technical - Equities Mr Parag Doctor said.

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IT stocks decline on weak US economic data - Hindu Business Line