IT stocks decline on weak US data

HCL Technologies (down 3.57%), Infosys (down 2.41%), TCS (down 2.11%), Wipro (down 0.82%), Mahindra Satyam (down 0.78%), MphasiS (down 0.45%) and CMC (down 0.04%), edged lower.

The S&P BSE IT index was down 1.90% at 6,781.22. It underperformed the S&P BSE Sensex, which was down 0.71% at 18,669.01.

The S&P BSE IT index had outperformed the market over the past one month till 3 April 2013, rising 2.21% compared with the Sensex's 0.62% fall. The index had also outperformed the market in past one quarter, rising 20.34% as against Sensex's 4.87% fall.

US stocks fell on Wednesday, 3 April 2013, following lower-than-expected readings on the US non-manufacturing sector and private-sector jobs growth.

Private-payrolls processor ADP reported private-sector job growth of 158,000 in March, below expectations of 215,000 and versus an upwardly revised gain of 237,000 in February.

US services sector, with the Institute for Supply Management's non-manufacturing index in March fell to 54.4 from 56 the month before.

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