| The Nifty IT index fell 1.40% to 28,405.35. Infosys led the losses, declining 2.53%, followed by Persistent Systems (down 1.93%), Tech Mahindra (down 1.53%), Tata Consultancy Services (down 1.41%), Wipro (down 1.12%) and HCL Technologies (down 0.93%). Oracle Financial Services Software dropped 0.84%, while Mphasis and LTIMindtree slipped 0.26% and 0.13%, respectively. Coforge was the sole gainer in the index, rising 1.28%. Sentiment weakened after the US Federal Reserve kept interest rates unchanged on Wednesday, but signalled continued concerns over inflation. Policymakers indicated that borrowing costs could remain higher for longer as inflation stays above the central bank's 2% target. The cautious outlook weighed on Indian IT stocks, which derive a significant share of their revenue from North America. Investors worried that elevated interest rates could dampen discretionary technology spending by enterprises, affecting demand for IT services. Market expectations have shifted in favour of a possible rate increase. CME FedWatch data showed traders assigning a 70.1% probability that the Federal Reserve will keep rates unchanged at 3.50%-3.75% at its next meeting, while the odds of a 25-basis-point hike to 3.75%-4.00% stood at 29.9%, up from 6.9% a month ago. Powered by Capital Market - Live News |