After clocking a stellar gain of 3% in the previous session, the Nifty IT index resumed its downward march on Monday, 12 October, falling 0.79%, while the index components such as Tech Mahindra (down 2.85%), TCS (down 1.44%), and Oracle Financial Services Software (down 1.43%), fell up to 3%.
LTM (down 1.26%), Coforge (down 1.14%), Wipro (down 0.47%), and Infosys (down 0.33%) also ended lower on Monday.
HCL Technologies (up 0.52%) and Persistent Systems (up 0.29%) were the only two stocks out of the total 10 in the index that ended higher.
The IT index has been under pressure for a long time due to concerns ranging from macroeconomic challenges, regulatory headwinds in the US, the AI-led disruption in the sector, and foreign capital outflow.
Over the last five years, the IT index has delivered a negative return of 16% compared to a 22% jump in equity benchmark Nifty 50.