Indian IT Stocks Plummet as US Rate Hike Concerns Rise

Indian technology stocks declined sharply on September 7 due to concerns over further interest rate hikes by the US Federal Reserve. The Nifty IT index fell more than 1% in early trading, underperforming the broader market.

The sectoral index was down 1.93% at 30,104 around 10:36 am, while the Nifty 50 slipped 0.4% and the Sensex declined 300 points around the same time. Several major IT companies emerged among the biggest losers on benchmark indices.

Infosys recorded the sharpest fall among major IT firms, dropping 2.9% to ₹1,097. Tech Mahindra declined 1.9% to ₹1,565, while HCL Technologies, Wipro and TCS also traded lower.