IT Stocks Slump Amid US Fed Rate Meeting Caution

On Wednesday, IT stocks like Tata Consultancy Services and HCL Tech faced significant declines, dragging equity markets down. Investors turned cautious ahead of the US Fed policy rate meeting, causing the BSE Sensex to drop by 131.43 points and the NSE Nifty by 41 points.

IT stocks faced heavy selling on Wednesday, with leading firms like Tata Consultancy Services and HCL Tech falling over 3 per cent each, significantly impacting equity markets.

Tata Consultancy Services plunged 3.49 per cent, while HCL Technologies saw a 3.15 per cent drop on the BSE. Other tech stocks like Infosys, Tech Mahindra, and Wipro also recorded declines.

Oracle Financial Services Software led the broader market sell-off, plummeting 8.31 per cent, followed by Mphasis at 5.37 per cent. The BSE IT index dipped 3 per cent to 42,645.20.

(With inputs from agencies.)