IT stocks, led by Tata Consultancy Services (TCS), ended lower today as sentiments remained subdued after the Budget failed to cheer the sector, analysts said.
The country's biggest IT company TCS settled 3.86% lower at Rs 1,122.40 on the Bombay Stock Exchange (BSE) today. During the day, the scrip lost as much as 5%.
Infosys fell by 1.15% to close at Rs 2,833.05, while Wipro ended at Rs 426.75, down 0.30%.
Financial Tech and Hexaware Tech also fell by 3.48% and 0.08%, respectively.
Hit by losses in these stocks, the BSE IT index ended% down 1.65% at 5,968.75.
Analysts said that overall weak sentiment in the broader market coupled with no benefit in the Budget played spoilsport in software stocks.
"No benefit in Budget and an overall weak broader market hit investors sentiment in IT stocks today," CNI Research CMD Kishore Ostwal said.
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Milan Bavishi Head Research-Inventure Growth & Securities said, "IT stocks were among the few sectors which saw selling pressure as the Union Budget did not have much on the table for the sectors and it failed to meet industry expectations."
In the broader market, the BSE barometer Sensex ended the day at 17,273.37, down 1.10%.