Nifty IT Down 2.5% Amid Self-Off in US Tech Stocks
The Nifty index fell by about 2% in the early morning trade on the back of heightened sell off in Wall Street’s tech-heavy Nasdaq Composite.
Nifty IT Down 2.5% Amid Self-Off in US Tech Stocks
The Nifty index fell by about 2% in the early morning trade on the back of heightened sell off in Wall Street’s tech-heavy Nasdaq Composite. Additionally, weak earnings and poor guidance from IT major Wipro dampened investor sentiments.
Shares of Wipro fell by about 6% after Wipro reported its Q4 numbers and slashed its revenue guidance, which in turn prompted brokerages to downgrade the stock.
The revenue guidance for the IT major falls in the range of $2,505 million to $2,557 million.
Additionally, the IT player also highlighted an uncertain deal environment on the back of tariff-induced concerns, thereby affecting verticals like consumer and manufacturing, while also resulting in pause on transformation projects.
Fed chair Jerome Powell said that trade tensions could fuel inflationary pressures while emphasising that the central bank is in no rush to slash the interest rates.
