IT Stocks Trade Lower As Cognizant Cuts 2019 Revenue Guidance

Information technology (IT) stocks were trading in the negative intraday on May 3 after the US-based IT services company Cognizant almost halved its 2019 revenue forecast after missing first-quarter results estimates, on the back of muted demand for its financial and healthcare businesses.
At 11:21 hrs, the Nifty IT index was trading at 16,191.35, down 1.29 percent. All the constituent stocks were trading in the negative, with TCS being the biggest loser, down 2.05 percent.
Other major losers were, Tech Mahindra and HCL Technologies, down 1.68 percent and 1.51 percent, respectively.

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