Mumbai, June 3 -- The sector had emerged as one of the market's best performers earlier this week, with the Nifty IT index surging 7.64% in three consecutive sessions. The rally was driven by optimism around artificial intelligence spending, strong earnings and guidance from U.S. software companies. However, the sharp run-up triggered profit booking across the sector.
Selling pressure was broad-based, with all major constituents declining. TCS plunged 8.04%, while LTIMindtree fell 7.29%. Coforge dropped 5.63%, Persistent Systems declined 5.47%, and Tech Mahindra lost 5.21%.
HCL Technologies shed 4.23%, Infosys slipped 3.74%, Mphasis fell 3.43%, Wipro declined 2.64% and Oracle Financial Services Software lost 1.99%.
The decline in IT stoc...