IT Stocks
Tech meltdown on Dalal Street! Nifty IT crashes 2%, Infosys, HCL Tech and TCS under pressure
Mumbai/IBNS: The Nifty IT Index emerged as the biggest loser in early trade on Thursday as Indian equities opened sharply lower amid a global selloff in technology stocks and heightened geopolitical tensions.
The index plunged 2.27 percent to 27,640 points, underperforming all major sectoral indices and dragging benchmark markets deeper into the red.
Persistent Systems, HCL Tech Lead Declines
Among individual stocks, Persistent Systems Ltd. was the worst performer, falling 3.56 percent. HCL Technologies Ltd. followed closely with a decline of 3.32 percent.
Other major losers included Coforge Ltd., which slipped 2.57 percent, Oracle Financial Services Software Ltd. down 2.48 percent, and Infosys Ltd., which shed 2.37 percent in early trading.
Broad-Based Weakness Across IT Sector
The selloff was widespread across the technology pack, with Mphasis Ltd., Tech Mahindra Ltd., Wipro Ltd., and Tata Consultancy Services (TCS) also trading in negative territory.
Global Tech Rout Weighs on Sentiment
The weakness in Indian IT stocks mirrored a broader decline in global technology shares as investors turned risk-averse amid rising geopolitical tensions in the Middle East and concerns over the impact of surging crude oil prices on global economic growth.
With the IT sector heavily dependent on overseas markets, particularly the United States, any signs of weakness in global technology stocks tend to have a significant impact on Indian software exporters.
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