Nifty IT index nears 3-year low: What's the reason
Business
The Nifty IT index just slid more than 2% on Tuesday, landing near a three-year low while the rest of the market stayed mostly steady.
Big names like Wipro dropped over 3%, with Infosys and HCL Tech also slipping around 2%.
Even midcap stocks like Coforge wasn't spared, falling over 5%.
Geopolitical tensions and global demand concerns weigh on tech stocks
Analysts say global demand worries and ongoing geopolitical tensions are making investors cautious about tech stocks.
VK Vijayakumar from Geojit Investments pointed out that foreign investors have been selling off large-cap shares, adding to the pressure.
Interestingly, despite all this, India's market volatility index (VIX) actually fell by nearly 3%, hinting that short-term risk feels a bit lower for now.