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S7/10Economic
Nifty IT index plunges nearly 5% on US rate hike worries
The Nifty IT index experienced its largest single-day drop in three months on Wednesday. Several IT stocks saw significant declines, reversing recent gains in the market.
Renewed risk-off sentiment and US interest rate hike worries triggered the broad sell-off. Geopolitical tensions and rising oil prices also contributed to the pressure on IT firms.
Concerns over H-1B visa costs and generative AI disruption added to the challenges.
Source: Economic TimesOriginal source
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