Why Are Indian IT Stocks Under Heavy Pressure Today?

Indian IT stocks witnessed big selling pressure in early trade today, with shares of companies such as TCS, Infosys, Coforge and HCL Tech declining sharply. The Nifty IT index dropped 6.03% to 26,749.85, making it the weakest-performing sectoral index. The decline followed a cautious demand outlook from Accenture, which raised concerns about tech spending.