Domestic funds sell Indian IT shares, but LIC buying - dealers

Reuters Market Eye - IT stocks slumped amid heavy selling by domestic mutual funds, three institutional dealers told Reuters, although they said state-run Life Insurance Corp (LIC) had been stepping in to buy to prevent even bigger falls.

"It's the domestic mutual funds which are churning out of IT. LIC is still a net buyer," an institutional dealer said on condition of anonymity.

LIC did not respond to email or phone queries.

Tata Consultancy Services slumped 5.7 percent, HCL Technologies fell 4.2 percent, Infosys ended down 5.1 percent, while Wipro closed 4.1 percent lower.

(Reporting by Abhishek Vishnoi)