Indian IT Stocks Plummet on Rising US Rate Hike Expectations

Indian IT stocks declined sharply on September 7 as expectations of higher US interest rates strengthened following a robust payrolls report. The Nifty IT index fell over 1% to 30,306.15.

The decline was led by Infosys, which dropped 2.2% to Rs 1,105.10, followed by Tech Mahindra down 1.57% at Rs 1,571.80 and HCL Technologies declining 1.37% to Rs 1,275.70.

The selling in IT stocks came as markets now price a 58% probability of a Federal Reserve rate hike at its September 16 meeting and a 70% chance of a move in October.