Infosys, HCLTech, TCS, other IT stocks drop up to 3% as Fed rate hike worries return. Here's why
Indian IT stocks dropped on Monday as stronger-than-expected US jobs data revived concerns over a September Federal Reserve rate hike. The Nifty IT index dropped over 2%, with Infosys, HCLTech, TCS and others declining. Analysts, however, see longer-term opportunities from AI-led spending on deployment, integration and modernisation.
On Monday, shares of major Indian IT companies including Infosys, HCLTech, TCS, and Wipro fell up to 3% amid concerns over a possible September interest rate hike by the Federal Reserve. This reaction came after U.S. job growth data exceeded expectations, suggesting a strong labor market. The Nifty IT index declined over 2%, trading at 30,082, leading to losses across all major sectoral indices.
Infosys, LTI Mindtree, and Mphasis shares dropped by approximately 3%, while companies like Tech Mahindra, OFSS, Coforge, HCL Technologies, Wipro, Persistent Systems, and TCS experienced declines ranging from 1-2%.
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