Infosys, LTIMindtree, TCS, Tech Mahindra, Coforge shares fall amid market rally today; here's why

Shares of IT firms such as Infosys, LTIMindtree, TCS, Tech Mahindra, Mphasis, Mastek, Coforge, Birlasoft and Sonata Software came under selling pressure on Wednesday. IT stocks fell amid a rising market on fears that tariff war initiated by US President Donald Trump was likely to hit demand for IT services from Indian players.

Uncertainty around interest rate decisions affected investors ahead of US Fed's Federal Open Market Committee (FOMC) set to announce its policy rates today. The two-day meeting was scheduled for March 18 and March 19. The Nifty IT index fell as much as 2 percent in the afternoon trade, tracking weakness in global markets and fears of reduced demand for IT services.

The IT indices on BSE and NSE ended lower, affected by the negative sentiment around the sector on Dalal Street.

Infosys (1.38%), LTIMindtree (1.87%), TCS (1.55%), Tech Mahindra (2.43%), Mphasis (0.10%), Mastek (4.94%), Coforge (0.30%), Birlasoft (0.88%), Sasken (5%) and Sonata Software (0.23%) were among the top losers on the BSE IT Index  on Wednesday.

The index slipped 299 pts or 0.83% to close at 35,627 and Nifty IT index fell 396 pts or 1.08% to close at 36,223 on Wednesday.

On the other hand, shares of Wipro (1.66%) and Zensar  Technologies (0.29%) ended higher amid a rally in the broader market today.