Indian IT Stocks Under Pressure: Nifty IT index broken the recent low

The Nifty IT index showed signs of recovery yesterday, with the major benchmark index rising. However, the rally couldn't hold, and by market close, half of the gains were eroded. Today, the Nifty IT index weakened further, breaking its recent low. It has now declined by 22.6% from its peak. Key players in the sector suffered notable losses, with

leading the downturn at -37.37%, followed by (-32.89%) and (-29.21%). IT stocks are under watch as Accenture’s results exceeded expectations, but a cautious outlook led to panic selling, dragging the stock down by 7% on Nasdaq. This could impact Indian IT stocks further. Disclaimer: This post is for informational purposes only and does not constitute investment advice.