Nifty IT index tumbles nearly 4% on growth concerns; Infosys down 5%

Shares of information technology (IT) companies were under pressure as Nifty IT index tumbled nearly 4 per cent in Wednesday’s intra-day trade amid fears of slowdown in the US.

On Tuesday, US markets shuddered with technology shares taking the biggest hit, after data showed monthly consumer prices rise unexpectedly in August, which cemented bets of a third straight 75-basis-point rate hike from the Federal Reserve next week.

Back home, Nifty IT index plunged 1,077 points or 3.7 per cent to 28,040 points on the NSE in Wednesday’s intra-day trade. At 11:00 am; the IT index, the top loser among sectoral indices, was down 3.4 per cent, as compared to 0.7 per cent decline in the Nifty50 index.