Nifty IT Slumps 1% After US Fed Rate

Business Standard Markets · stocks

Nifty IT fell 1 per cent on Thursday, with eight of ten constituents trading lower. The decline followed the US Federal Reserve's decision to hike interest rates by 0.25 basis points to 3.75-4 per cent. HCL Technologies was the biggest loser, down 1.4 per cent. The IT index has fallen 6.21 per cent in one month. Analysts suggest IT budgets may be slashed by US corporates due to rising interest rates, impacting Indian IT firms.