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IT stocks slide on weak US data

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Capital Market

Hexaware Technologies (down 2.09%), TCS (down 1.93%), HCL Technologies (down 1.73%), Wipro (down 1.47%), Infosys (down 1.46%), Mahindra Satyam (down 1.55%), Tech Mahindra (down 0.65%) and MphasiS (down 0.48%), edged lower.

The S&P BSE IT index was down 1.48% at 5,710.74. It underperformed the S&P BSE Sensex, which was up 0.78% at 19,328.36.

The S&P BSE IT index had underperformed the market over the past one month till 23 April 2013, sliding 14.60% compared with the Sensex's 2.37% rise. The scrip had also underperformed the market in past one quarter, falling 8.46% as against Sensex's 4.23% fall.

Latest economic data in the United States showed that orders for durable goods fell in March by the most in seven months as demand slumped for commercial aircraft and business investment cooled. Orders for durable goods in the US declined 5.7% in March following a 4.3% gain the previous month.

 

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First Published: Apr 25 2013 | 11:40 AM IST

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