IT stocks sink despite stellar rally in Sensex, Nifty; here's why 

Shares of IT companies were the top losers amid a stellar market rally today as investor sentiment turned negative on Wipro's dismal Q1 guidance. The counter also saw dampened investor spirit after another IT major Sonata Software firm said it expects lower revenue from international business in Q4.

Subsequently, Sonata Software shares crashed 13% to Rs 290 against the previous close of Rs 335.25 on BSE. The much-awaited Q4 earnings of Infosys today also kept investors on a cautious note. Infosys shares were trading on a flat note at Rs 1411.20 against the previous close of Rs 1413 on BSE.

Shares of Wipro fell 7% to Rs 232.20 against the previous close of Rs 247.50.  The IT major rolled out a weak set of guidance for Q1 of the current fiscal. Wipro guided a fall of 1.5% to 3.5% in revenue for the next quarter.

Meanwhile, BSE IT index crashed 170 points to 32,696 and Nifty IT index lost 190 pts to 33,108. IT shares were the only sectoral losers on Indian bourses today.

Tech Mahindra and HCL Technologies were the only Sensex losers falling up to 0.68% in the afternoon session.

Sensex climbed 1,300 points to 78,346 and Nifty rose 351 pts to 23,788 in the afternoon session  today. Shares of 63Moons (2.66%), LTIMindtree (2.27%), Vakrangee (1.8%), Coforge (0.40%), Birlasoft (1.38%), Newgen Software (1.47%), RSystems (1.45%) and Rategain (1.45%) were among the top losers on the BSE IT Index today.