Story thread · 10 reports / 4 sources

Nifty IT index plunges nearly 5% on US rate hike worries

economictimes.indiatimes.com · 5dShare

Mumbai: The Nifty IT or information technology index posted its biggest single-day decline in three months on Wednesday, with individual stocks falling as much as 5%, reversing some of the recent gains, as renewed risk-off sentiment in Indian equities and concerns over interest rate hike in the US triggered a sell-off.The Nifty IT index fell 3.2% on Wednesday, compared with a 0.9% decline in the benchmark Nifty 50. Among stocks, Coforge fell the most, down 5.4%, followed by Infosys, HCL Tech and Tech Mahindra, which declined 3.3-4.3%.Read more: US stocks today: US stocks retreat as oil crosses $100, yields rise ahead of inflation dataSumit Pokharna, vice-president - Fundamental Research at Kotak Securities, said multiple factors are weighing on Indian IT companies, including rising geopolitical tensions and higher oil prices. "This could fuel inflation and strengthen expectations of a Fed rate hike or hawkish commentary, which would in turn reduce US IT spending," he said. "Higher US H

First report: Nifty, Sensex, Nifty Bank outlook for today: GIFT Nifty down 75 points; key levels to watch — businesstoday.in, 8d