Nifty IT falls 2.86% as Indian tech faces global uncertainty
Business
Big names in Indian tech like Infosys and TCS took a hit on Tuesday, with the Nifty IT index dropping 2.86%, among the worst-performing sectoral indices.
The main reasons? Ongoing global uncertainty, rising geopolitical tensions, and fears that technology spending by clients in the US and Europe could weaken.
Sector down over 8% amid caution
Infosys fell 3.24% and TCS slipped 2.76%, while other firms like Tech Mahindra and Wipro also lost ground.
The whole sector has dropped over 8% this past month, with many stocks near their 52-week lows.
Even though a weaker rupee usually helps India's export-focused IT firms, worries about slower growth worldwide are keeping investors cautious for now.