IT stocks decline on weak US data

Six IT stocks fell by 0.43% to 3.71% at 13:06 IST on BSE on negative economic data in the US, the biggest outsourcing market for the Indian IT firms.

Infosys (down 0.45%), TCS (down 1%), Wipro (down 3.71%), HCL Technologies (down 1.35%), MphasiS (down 1.16%) and Oracle Financial Services Software (down 0.43%) edged lower. Mahindra Satyam rose 2.87%.

The S&P BSE IT index was down 0.85% at 6,673.93 and was the top loser among the 13 sectoral indices on the BSE. It underperformed the S&P BSE Sensex, which was down 0.06% at 18,439.13.

The S&P BSE IT index had outperformed the market over the past one month till 5 April 2013, sliding 1.8% compared with the Sensex's 3.62% fall. The index had also outperformed the market in past one quarter, advancing 16.08% as against Sensex's 6.74% fall.

US stocks fell on Friday after the government reported a sharp slowdown in hiring last month that was far worse than economists had expected. US employers added just 88,000 jobs in March, the Labor Department reported. That's half the average of the previous six months.

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