IT Stocks Under Heavy Pressure; Infosys,& HCL Tech Slide!

IT Stocks Under Heavy Pressure; Infosys, Coforge & HCL Tech Slide Indian IT stocks came under significant selling pressure on Wednesday, making the sector one of the biggest drags on the market. The Nifty IT index fell around 3.2%, while major stocks including Infosys, HCL Technologies, TCS and Tech Mahindra declined sharply. Infosys fell around 4.4%, while HCL Technologies dropped about 3.7% and TCS declined more than 2%. Coforge was hit even harder, falling around 8.6%, following the resignation of chairman Om Prakash Bhatt amid concerns raised by an internal audit regarding the company's board evaluation process. The weakness in IT stocks also reflects concerns about the global interest-rate environment. Investors are closely watching upcoming U.S. inflation data because stronger-than-expected inflation could reduce expectations for easier monetary policy from the Federal Reserve. Higher U.S. rates can put pressure on technology valuations and potentially reduce discretionary technology spending.