Nifty IT plunges to 9-week low, TCS shares drop 4.3%

In today's trading session, Indian IT stocks experienced a downturn as all 10 constituents of the Nifty IT index closed the day in negative territory, recording losses ranging from 1.5% to 4%.

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Consequently, the Nifty IT index plummeted by 2.90% to 35,808 points during the session, reaching a 9-week low. This decline marked a significant correction of 7.13% from its 2024 high of 38,559 points.

The sector's sentiment remains sour ahead of the Federal Reserve's rate decision scheduled for March 19 and 20, 2024, amid widespread expectations that the US central bank will maintain interest rates at their current level. Investors are closely monitoring any indications regarding the timing and magnitude of potential easing measures anticipated from the Fed later this year.