BENGALURU, Jan 25 Reuters Indian shares declined on Thursday, dragged by information technology stocks IT following disappointing results from Tech Mahindra and as financial stocks continued to drop.

The bluechip NSE Nifty 50 index fell 0.75 to 21,293.45 points and the SP BSE Sensex was down 0.81 at 70,482.89, as of 1155 a.m. IST.

Ten of the 13 major sectors logged losses, with the IT index sliding 1.5.

Tech Mahindra shed 5.7 and was the top Nifty 50 loser after it posted a smallerthanexpected quarterly profit due to weak client spending.

The nearterm weakness in IT is likely to persist. It will take at least two to three quarters for revival in client spending and earnings growth in the sector, said Aishvarya Dadheech, founder and chief investment officer at Fident Asset Management.

Financial services, the heaviest weighted among the major sectors, dropped 1. They have tumbled 6.2 since HDFC Bank disappointing margins last week.

In the six sessions since, FIIs have sold Indian shares worth 347.66 billion rupees 4.18 billion, which has pulled the benchmark Nifty 50 down about 3.

The selling pressure in financials is because of worries that the best of profitability for banks is over, Dadheech said.

HDFC Bank39;s results also brought margin concerns in the sector to the fore, which has hurt sentiment and spurred FII selling.

Domestic institutional investors, however, were net buyers in five of those sessions, purchasing shares worth 181.29 billion rupees,…