IT and Tech stocks yesterday lost ground in U.S markets. IT major Infosys ADR was down about 5.59% and Satyam ADR was down 6.3%.

After yesterday's marginal sell off in US markets, today Indian BSE IT index was down about 3.42% in early trade, though Rupee trading over at 41.73 per dollar.

IT major Infosys was down 4.46%, followed by Satyam, which was down about 4%. The other IT companies also followed the downtrend and they were Financial Techno, Wipro, TCS; where down between 3% to 2%.However Patni was one stock which was trading in green.

The continuing ‘super-spike’ in oil prices is fueling inflation worries prompting a late day sell-off on Wednesday. The Dow tumbled 206 points, the S&P 500 dropped 27 slipping back below 1,400 while the Nasdaq fell 44. 

Congnizant numbers were closely followed by IT fraternity came out with in line numbers. The guidance were not according to expectations they were lowered it to 5.7% form 8-9%. It cautious out single digit growth in this vertical, it expects a slow gradual pick up as clients digest the bear stears event and now focus on higher offshoring. The management is also confident of other verticals and Europe to tide over this slowness. This just reminds of what Infosys and TCS have pointed out post earnings in April,