India's IT stocks near one-month low as US inflation data bolsters Fed rate hike bets

Wipro

11/06/2026 05:10

** India's information technology stocks .NIFTYIT slip 2.5% to near one-month low of 27,565.2
** Set for seventh straight session of drop, losing 11.4%
** Sub-index top loser among 16 major sectors on Thursday
** Data overnight showed that U.S. inflation increased at fastest pace in three years in May due to surging energy prices amid Middle East conflict
** Fed funds futures pricing an implied 51.6% probability that U.S. Federal Reserve will increase interest rates in October, compared with 50.1% chance a day earlier that it would remain on hold until December, according to the CME Group's FedWatch tool
** Higher U.S. interest rates can dent technology spending in key market for IT companies
** Tech Mahindra TEML.NS, Infosys INFY.NS, and HCLTech HCLT.NS down 2.7%-3.3%; top three losers on benchmark Nifty 50 index .NSEI 
** YTD, IT index down 27%, more than double the Nifty 50's 11.5% drop

 (Reporting by Vivek Kumar M)
 ((VivekKumar.M@thomsonreuters.com;))