IT stocks fall by 0.45% to 1.97% on BSE on weak economic data in the US.
At 10.39 am, Wipro (down 1.97%), TCS (down 1.84%), Infosys (down 1.53%), Mahindra Satyam (down 1.06%), HCL Technologies (down 1%), Tech Mahindra (down 0.92%) and MphasiS (down 0.45%).
US is the biggest outsourcing market for Indian IT firms. In US, jobless claims rose for the seventh week in eight, putting investors on edge before Friday's US monthly payrolls report.
Meanwhile, the US economy slowed more than initially thought in the first quarter amid smaller gains in consumption and inventories, while corporate profits picked up. Gross domestic product increased at a 1.9% annual rate from January through March, the Commerce Department said Thursday (May 31, 2012).
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At 10.39 am, Wipro (down 1.97%), TCS (down 1.84%), Infosys (down 1.53%), Mahindra Satyam (down 1.06%), HCL Technologies (down 1%), Tech Mahindra (down 0.92%) and MphasiS (down 0.45%).
US is the biggest outsourcing market for Indian IT firms. In US, jobless claims rose for the seventh week in eight, putting investors on edge before Friday's US monthly payrolls report.
Meanwhile, the US economy slowed more than initially thought in the first quarter amid smaller gains in consumption and inventories, while corporate profits picked up. Gross domestic product increased at a 1.9% annual rate from January through March, the Commerce Department said Thursday (May 31, 2012).
....more info