Shares of Indian IT companies like Infosys, TCS, Wipro and others tumbled up to 3% on Thursday after a hawkish tone from the US Federal Reserve raised expectations of a rate hike later this year, triggering worries about reduced discretionary spending.
The sharp fall in IT stocks pushed the Nifty IT index down nearly 2% to 28,263 on Thursday, emerging as the top sectoral loser on a muted market day. The index has now snapped a three-session gaining streak.
