Fall In IT Stocks Pushes Nifty 50 Below Key Technical Level
NDTV
The drop in the IT sector, which earns a significant share of its revenue from the United States, comes as Wall Street slid after data showed the personal consumption expenditures price index accelerated in January.
Indian shares fell on Monday, dragged by I.T. stocks, with the benchmark Nifty slipping below a key long-term average for the first time in over four months after U.S. data reinforced fears of a prolonged high-interest rate regime.
The Nifty 50 index fell 0.84% to 17,320.50, while the S&P BSE Sensex edged 0.76% lower to 59,013.02 as of 10:46 a.m. IST.
The 50-share NSE index fell below the 200-day moving average of 17,376.21 for the first time since early October.
Nine of the 13 sectoral indexes declined, led by a 2.5% drop in high-weightage information technology with all of its 10 constituents in the red.
