India's IT stocks fall as Fed rate hike signals fuel demand concerns
BUZZ-India's IT stocks fall as Fed rate hike signals fuel demand concerns ** India's Nifty IT index .NIFTYIT falls 1.7%, with all constituents in the red; on track to snap three sessions of gains
** Federal Reserve signals potential rate hike later this year, with traders now expecting higher rates as soon as September
** Higher U.S. rates could dampen discretionary spending, hurting sentiment towards Indian IT exporters that get a significant part of their revenue from the U.S.
** Persistent Systems PERS.NS down 2.01% at 4944 rupees, Mphasis MBFL.NS loses 0.53% to 2327.9 rupees, LTM LTIM.NS sheds 1.3% to 3944.5 rupees, Infosys INFY.NS slips 2.5% to 1128.7 rupees and TCS TCS.NS falls 1.52% to 2189.6 rupees
** YTD, NIFTYIT down 25.3%, pressured by worries including AI-led disruption; benchmark Nifty 50 down 7.8%
(Reporting by Surbhi Misra in Bengaluru)
((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))
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