IT stocks were in a bloodbath on Thursday after the US Federal Reserve projected interest rates to remain near-zero through 2023. After the Fed policy, broader markets in India witnessed bullish sentiment, however, this was not the case for IT sectoral indices.
Nifty IT was in a nosedive with all listed stocks performing in the red. The index has also underperformed benchmark Nifty 50, becoming the top bear on the exchange.
At around 1.35 pm, Nifty IT was trading at 25,668.75 down by 514.75 points or 1.97%. The index tumbled to an intraday low of 25,507.90.
Naukri was the top underperformer on the index tumbling by nearly 5% followed by Mphasis plunging 3.2%.
However, heavyweight
Infosys weighed on the index massively by slipping 3.05% followed by
HCL tech and
Wipro diving 2.4% and 1.6% respectively.
Coforge and L&T Infotech dipped by 1.4% and 1.3% respectively.
TCS which is the second most valued company after RIL on exchanges recorded a nearly 1% drop.
While Mindtree and Tech Mahindra slipped by 0.4% and 0.2% respectively.
In the latest policy, the US Federal Reserves pledged to keep the monetary policy stance unchanged. With that, the Fed has also pledged to maintain a status quo in its benchmark overnight interest rate to near zero. The US Fed forecasted U.S. economy growth at 6.5% this year.
The tech-heavy Nasdaq Composite settled at 13,525.20 up by 53.63 points or 0.4% overnight.