US tech results weigh on Nifty IT index, down 0.75%
Business
Indian IT stocks like Infosys, TCS, and Tech Mahindra dropped up to 3% on Friday after a wave of bad news hit global tech markets.
The trigger? US tech giants Alphabet and Tesla reported disappointing results, making investors nervous and sending the Nifty IT index down 0.75%.
Tesla, Alphabet losses hit Asian markets
Tesla's shares crashed around 14% after it burned through cash for the first time in two years, while Alphabet slid about 7% following its huge $200 billion AI investment plans.
This negative energy spread to Asia: South Korea's KOSPI fell over 6%.
Rising oil prices (now above $100 a barrel) and inflation worries added extra pressure, leading to a broader market drop in India too.