Nifty IT slips: India's benchmark IT index, Nifty IT, witnessed sharp selling pressure on Tuesday, May 12, slipping nearly 4 per cent amid broad weakness in technology stocks.

By 12:30 pm, the index was trading 3.9 per cent lower at 28,188.50, after falling to an intraday low of 28,126.90, marking a decline of over 4.1 per cent from its previous close of 29,329.45. The IT pack also emerged as the worst-performing sectoral index of the day so far.

Heavyweights including HCLTech, Infosys, Tata Consultancy Services, and Tech Mahindra emerged among the top laggards on the BSE Sensex, dragging the broader market lower.

Nifty IT Stocks

As of 12:55 pm, selling pressure remained widespread across IT stocks, with several frontline names trading sharply lower:

• Tata Consultancy Services Share Price: down 3.59 per cent
• Infosys Share Price: down 3.97 per cent
• Coforge Share Price: down 3.78 per cent
• Wipro Share Price: down 2.96 per cent
• HCLTech Share Price: down 3.93 per cent
• Persistent Systems Share Price: down 3.59 per cent
• LTIMindtree Share Price: down 4.23 per cent
• Tech Mahindra Share Price: down 3.46 per cent
• Mphasis Share Price: down 1.87 per cent
• Oracle Financial Services Software Share Price: down 0.90 per cent

Readers should also note that Tata Consultancy Services, HCLTech, and Infosys slipped to their 52-week lows earlier in the session.

Why are IT stocks down today?

OpenAI launches new deployment-focused company

OpenAI has announced the launch of a new deployment company backed by over USD 4 billion, aimed at helping organisations build and implement advanced AI solutions. The initiative will expand OpenAI's capability to embed "forward-deployed engineers" within organisations working on complex, real-world AI challenges in demanding environments.

Markets extend losses amid broad-based selling

Indian equity markets remained under pressure on Tuesday, May 12, with sustained selling across sectors adding to the weakness. The BSE Sensex fell 1.3 per cent or 1,001.42 points to 75,015.14, while the Nifty 50 declined 1.2 per cent to 23,524.80.

(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)