IT stocks

The mayhem in IT stocks continued on Friday, with the Nifty IT index declining 1.4% at the closing time. The worst hit was mid-tier scrip Coforge, which fell 4.4%. Wipro, TCS, OFSS, LTIM and Infosys also fell up to 2.2%. The selling pressure in tech stocks is on the back of fears related to AI, though compounded by higher-than-estimated US jobs data, dashing hopes of a rate cut.