Nifty IT Index Slumps 1.54% Amid Global Weakness

The Nifty IT index dropped 1.54%, marking its fourth consecutive session of losses, as technology stocks faced sustained selling pressure. Market analysts attributed the decline to weak U.S. jobs data, subdued global IT earnings, and heightened geopolitical risks, which collectively dampened investor confidence in the sector.

Persistent Systems, Infosys, and Tata Consultancy Services (TCS) were among the worst performers, reflecting concerns over demand softness in key overseas markets. Despite India’s strong domestic digital push, global headwinds continue to weigh on valuations of IT majors, prompting cautious trading across the board.

Key Highlights

• Index Performance: Nifty IT down 1.54%, extending losses for the fourth straight session.
• Top Losers: Persistent Systems, Infosys, TCS, and Mphasis.
• Global Factors: Weak U.S. jobs data and disappointing IT earnings abroad.
• Investor Sentiment: Heightened geopolitical concerns adding to caution.
• Sector Outlook: Analysts expect near-term volatility but remain positive on long-term digital transformation trends.

Sources: 5paisa, India Today, CNBC-TV18