Global Recession Fears Sink IT Stocks

IT stocks plummeted on Monday due to fears of a recession sparked by US tariff hikes. The BSE Sensex and NSE Nifty indices dropped significantly as investor sentiment turned risk-averse. Shares of several IT companies, including Infosys and HCL Technologies, faced notable declines.

Fears of a potential recession, triggered by the Trump administration's tariff hikes, led to a sharp decline in IT stocks on Monday. These stocks, heavily reliant on US revenue, suffered as global markets trembled with uncertainty.

The BSE Sensex plummeted by 2,226.79 points, marking a steep fall of 2.95%, settling at 73,137.90. At one point during the trading session, the index saw a more substantial drop of 3,939.68 points, equating to a 5.22% dip, touching a low of 71,425.01.

The decline was echoed by the NSE Nifty, which fell 742.85 points, a 3.24% decrease, closing at 22,161.60. Hardest hit were IT-enabled services firms, with substantial losses recorded by Onward Technologies and Genesys International Corporation. On the blue-chip front, notable declines were seen in Infosys, HCL Technologies, and other tech giants.

(With inputs from agencies.)