IT stocks fall up to 3.2% ahead of TCS results

IT stocks today fell up to 3.2 per cent due to intense selling pressure following a muted guidance from Infosys in its fourth quarter results.
Among blue-chips, shares of Infosys fell by 3.19 per cent to Rs 3,156.40, while Wipro lost 2.90 per cent to Rs 571.90. TCS was down 2.51 per cent to Rs 2,195 at the BSE.
Similarly, Hexaware Technologies plunged 3.19 per cent and HCL Tech fell by 1.06 per cent.
Infosys and TCS were the biggest drag on the benchmark index Sensex that fell by 207.70 points to close at 22,277.23.
The BSE IT index ended 2.49 per cent lower at 8,800.81.

"IT and technology led the fall post weaker guidance from Infosys in its Q4 FY14 results," said Nidhi Saraswat, Senior Research Analyst, Bonanza Portfolio Limited.
The country's second largest software services exporter expects its US dollar revenues to be in the range of 7-9 per cent for the 2014-15 fiscal, which is way below industry body Nasscom's projection of 13-15 per cent.
Analysts said that IT stocks also fell on caution ahead of TCS's results later in the day. Wipro and HCL Technologies will report their earnings tomorrow.