IT stocks lead markets lower
IT stocks came under selling pressure led by bellwether stock TCS which was down more than 3 per cent.
The IT stocks index was down 2.4 per cent, the top loser on BSE.
Among the heavyweights, apart from TCS, Wipro was down more than 2 per cent, Infosys was down more than 2 per cent, HCL Tech was down 2 per cent.
Among other IT stocks, Subex was down more than 3 per cent, Oracle Financial Services was down more than 3 per cent, L&T Technology Services was down more than 3 per cent.
The market breadth on Tuesday is very negative with 65 per cent of the stocks declining. In addition, mirroring the weakness in the market, 335 stocks have hit the lower circuit.
Sensex is trading at 72,085.37 points, down by 663.05 points or 0.91 per cent. Aside from the IT stocks, Nestle is down 3 per cent, Indusind Bank is down more than 2 per cent. A broad based selloff is causing the markets to slump. The IT pack is weak before the US Federal Reserve meeting this week.
