TCS, Tech Mahindra, HCL, Wipro, other IT stocks fall on selling pressure
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New Delhi: IT stocks continued to witness selling pressure for the second straight session on Thursday, falling by up to 3.6% amid rising concerns as the sector is facing challenges on multiple fronts including stricter visa regime in key markets.
Shares of TCS fell by 3.59%, HCL Tech lost 1.30%, Hexaware Tech declined by 0.63%, Infosys (0.54%), Tech Mahindra (0.54%) and Wipro (0.06%) on BSE.
TCS was the biggest drag on the BSE benchmark Sensex.
The BSE IT index declined by 1.33% to close at 10,178.03. IT stocks had lost up to 5% in the previous session also. TCS, Infosys and Wipro had on Tuesday gained as much as 3.70% on good amount of buying activity after recent sell-offs.
The $140-billion Indian IT market is facing challenges on multiple fronts including stricter visa regime in key markets and shortage of skilled manpower for new technology areas like data science.
There has been a growing sentiment of protectionism across various markets, including the US, that are seeking to safeguard jobs for locals and raising the bar for foreign workers.