Tata Consultancy Services Ltd.

Indian IT stocks came under pressure after US based tech major Cognizant Technology Solutions lowered its full-year forecast for the first time in nearly four years, echoing sentiments expressed by its India-based rivals like Infosys and Wipro as they battle lower discretionary spending by clients especially in the financial services segment.Cognizant cut its calendar year 2012 revenue growth outlook to 20% from 23%. However, TCS was also hit by a JP Morgan downgrade today. Meanwhile, appreciation in the rupee also weighed on IT stocks.

On the same time, Tata Consultancy Services (TCS) was downgraded to 'neutral' from 'overweight' on Tuesday by JPMorgan, which said the stock price is now 'fully valued' at the current 19 times forward fiscal 2013 earnings.

Tata Consultancy Services is currently trading at Rs 1208.15, down by 65.75 points or 5.16% from its previous closing of Rs 1273.90 on the BSE. The scrip opened at Rs 1225.00 and has touched a high and low of Rs 1235.45 and Rs 1200.30 respectively. So far 525883 shares were traded on the counter.

HCL Technologies is currently trading at Rs 480.85, down by 20.80 points or 4.15% from its previous closing of Rs 501.65 on the BSE. The scrip opened at Rs 497.40 and has touched a high and low of Rs 500.00 and Rs 480.20 respectively. So far 54186 shares were traded on the counter.

Financial Technologies (India) is currently trading at Rs 608.00, down by 20.45 points or 3.25% from its previous closing of Rs 628.45 on the BSE. The scrip opened at Rs 630.00 and has touched a high and low of Rs 635.00 and Rs 605.55 respectively. So far 49740 shares were traded on the counter.