Nifty IT Index down 3% in a rising market – 3 reasons why TCS, Infosys, and Coforge plunged

The domestic indices are trading firmly in bullish territory today (April 10) but the Nifty IT index continues to face selling pressure. In today’s trading session, the index is down around 3%, with almost all constituent stocks trading in the red, declining in the range of 1% to 3%.

Broad-based sell-off: IT stocks under pressure

In intraday trade, the Nifty IT index fell as much as 3%, with heavyweights dragging the sector lower. Tata Consultancy Services declined around 3%, while Infosys also dropped close to 3%. Mid-tier IT firms like Coforge saw sharper cuts of about 3%, and Mphasis slipped around 2%.