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Nifty IT hits fresh 52-week low as Infosys, TCS, Wipro & others tumble up to 3%. What’s spooking investors?

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Nifty IT hits fresh 52-week low as Infosys, TCS, Wipro & others tumble up to 3%. What's spooking investors?
The Nifty IT index slumped more than 2% to hit a fresh 52-week low of 26,425.85 on Tuesday, as concerns over persistent inflation fuelled expectations that the US Federal Reserve could raise interest rates at least three times this year.

Among individual stocks, LTI Mindtree fell around 3%, while Wipro, Infosys and Tata Consultancy Services (TCS) declined over 2% each. HCL Technologies slipped around 2%, while Mphasis, Tech Mahindra, Coforge and Persistent Systems traded with marginal losses.

Traders are now pricing in three US Federal Reserve rate cuts this year, with the CME FedWatch Tool indicating about a 64% probability of a September cut. Earlier this month, however, a hawkish tone from the Fed had fuelled expectations that rates could remain higher for longer, raising concerns over weaker discretionary spending and weighing on IT stocks.

The US Federal Reserve held interest rates unchanged after its June policy meet, but a higher number of policymakers expected a rate hike in borrowing costs later this year amid growing concerns about inflation lodged above the US central bank’s 2% target. In what was the first Fed FOMC meet under Chairman Kevin Warsh’s tenure, the American central bank acknowledged that inflation was “elevated relative to the Committee’s 2% goal”, which was attributed in part to “supply shocks that have driven price increase in certain sectors, including energy.”

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Also read:
Infosys, TCS, Wipro, other IT stocks fall after Fed’s hawkish tone. What’s ahead?

How Fed’s rate hikes impact IT stocks?

IT stocks derive a major portion of their revenue from the North American market. Rate hikes in US or inflation spikes in the country may impact discretionary spending in the country, which in turn can affect these companies.


Notably, the IT stocks have seen sharp bouts of volatility this year so far. In the beginning of the year, new AI innovations spooked investors about the possibility of disruption in India’s much touted IT sector. The raging war in the Middle East further dampened sentiment on the overall market, with IT stocks being no exception, despite brief support from the falling rupee.
Recently, these stocks saw a new bout of selloff after Accenture’s softer outlook retriggered worries that enterprises remain cautious on discretionary spending related to IT consulting and digital transformation projects, even as investments in artificial intelligence and cybersecurity continue.

All eyes on Q1 results

Tata Consultancy Services (TCS), India’s largest IT services company, will announce its results for the April-June quarter of FY27 on July 9, effectively kickstarting the Q1 earnings season for the IT pack. According to VK Vijayakumar, Chief Investment Strategist at Geojit Investments, the management commentary of the IT companies will be more important than the results themselves this season.

Also read: TCS to kickstart Q1 earnings on July 9, sets record date for potential dividend

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(With inputs from agencies)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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Bangkok to host World Travel & Culture Expo 2026 in October

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Thailand News Roundup: Safety Concerns, Diplomatic Tensions, and Visa Policy Reversals

The World Travel & Culture Expo 2026, in Bangkok from 29-31 October, aims to boost tourism, trade, and investment, emphasizing Thailand’s role as an ASEAN hub for tourism and culture.

Thailand Hosts WTCE 2026

Bangkok will host the World Travel & Culture Expo 2026 from October 29-31 at IMPACT Mueang Thong Thani. The event, organized by the Tourism Authority of Thailand (TAT), Tourism Council of Thailand (TCT), and Guangdong Grandeur International Exhibition Group, aims to boost tourism, trade, and investment. It highlights Thailand’s pivotal role as an ASEAN tourism and entertainment hub. Various industry leaders and government officials, including Mr. Pasakorn Rangsiwatanasak, participated in the launch, emphasizing the event’s importance for economic growth through tourism, culture, sport, and entertainment.

Strengthening Thai-Chinese Ties

The expo coincides with the 50th anniversary of Thailand-China diplomatic relations, aligning with China’s expansion policy. TAT Governor Ms. Thapanee Kiatphaibool noted that WTCE 2026 supports sustainable tourism, focusing on quality experiences and strategic partnerships. The expo will feature specialized exhibitions, including amusement parks, billiards, and film technology, providing platforms for knowledge exchange and business cooperation. The event builds on the success of its 2025 edition, which connected global brands and achieved high success in business negotiations.

Tourism and Market Expansion

With China as Thailand’s top international market, the expo offers a strategic avenue to strengthen tourism and business partnerships. In 2026, Thailand anticipates over 5.13 million Chinese visitors, contributing significantly to tourism revenue. A panel discussion on “Future Trends of Tourism” explored topics like sustainability, safety, and immersive technologies. The WTCE 2026 aims to convert existing market strengths into broader opportunities, reinforcing Thailand as a gateway between ASEAN and global markets through innovative and culturally rich experiences.

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Source : Bangkok to host World Travel & Culture Expo 2026 in October

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Prince William, Kate Held “Crisis Talks” After Harry and Meghan’s Highgrove Meeting With King, Report Says

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Prince Charles, Kate Middleton and Prince William

Prince William and Catherine, Princess of Wales, reportedly held private “crisis talks” after learning that King Charles III had met with Prince Harry and Meghan Markle at Highgrove House earlier this summer, according to a report published in Woman magazine citing unnamed palace sources.

Royal correspondent Emily Andrews, writing in the magazine, said sources close to the palace described William and Kate as feeling “betrayed and possibly even humiliated” by the king’s decision to meet privately with the Duke and Duchess of Sussex. According to Andrews, the reaction stemmed in part from what the couple views as a long pattern of public criticism directed at the royal family by Harry and Meghan in the years since their 2020 departure from official duties. “They have been humiliated on more than one occasion by both Prince Harry and Meghan Markle, and seeing them swan back to the UK must, I’m sure, sting,” Andrews wrote.

The Highgrove meeting, which took place at the king’s private Gloucestershire residence and Harry’s childhood home, reportedly lasted only a couple of hours, according to the report, potentially just long enough for Harry and Meghan’s children, Archie, 7, and Lilibet, 5, to play in a treehouse King Charles had originally built for William when he was a child. Buckingham Palace confirmed the visit within hours after it occurred, though the palace did not release additional details or a photograph from the gathering, according to the report.

Andrews characterized the palace’s swift, if limited, public confirmation of the meeting as signaling a broader shift in approach toward the Sussexes. “It appeared to announce a policy of appeasement to the Sussexes,” Andrews wrote, adding that despite criticism the couple has directed at British institutions, including the judiciary, the government and the monarchy itself, “they will not be cast out.”

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According to the report, William is believed to have urged his father not to meet with Harry and Meghan, reflecting the future king’s continued frustration over his brother’s public criticism of the family through a series of high-profile media appearances, including an interview with Oprah Winfrey, the Netflix documentary series “Harry & Meghan,” and Harry’s 2023 memoir, “Spare.” Andrews wrote that William believes the couple should not have been rewarded with a family meeting with the king, however private, given that history. “His father has gone ahead, while William is the one carrying an ever-growing share of the actual work and popularity of the monarchy,” Andrews wrote, framing the dynamic as one in which William feels he has shouldered institutional responsibilities that Harry stepped away from.

Andrews argued that the king’s willingness to meet with the Sussexes represents a departure from the approach taken by his mother, Queen Elizabeth II, who died in 2022. “Charles’ first duty is not to the spare. It is to the heir and his wife. That is the deal Queen Elizabeth II understood and honoured for 70 years: the institution comes first, sentiment a distant second,” Andrews wrote, characterizing the Highgrove meeting overall as “a triumph for Harry and Meghan.”

The report also suggested the meeting may represent the culmination of an 18-month effort by Harry and Meghan to re-establish themselves within both Britain and the royal family, a strategy Andrews suggested could ultimately benefit the couple’s public profile and business ventures if it leads to more frequent visits to the UK going forward. Andrews wrote that a pattern of regular return visits would effectively unravel the terms of the couple’s 2020 departure from royal duties, often referred to as “Megxit,” describing any such arrangement as “the half-in/half-out that the late Queen explicitly forbade.”

Despite their reported frustration, Andrews wrote that William and Kate have limited options for influencing the situation directly. “What can William and Kate do? Not much, if we’re honest, until William is King,” Andrews wrote, adding that William rarely discusses Harry within royal circles but that the king’s decision to meet with the Sussexes “is sure to sting.”

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The report also highlighted an apparent shift in the palace’s public messaging around the visit. According to Andrews, palace officials had described Harry’s earlier refusal to bring his children to the UK without enhanced security arrangements as “emotional blackmail” just three weeks before the Highgrove meeting took place, a characterization Andrews said changed noticeably in tone following the reunion. A source close to the king, cited in the report, said Charles “will never shut the door on the possibility of spending time with his family because, despite all the trouble, blood is blood.”

Andrews wrote that significant mistrust remains between the Sussexes and Buckingham Palace despite the Highgrove meeting, and that while Harry appeared eager to use his recent UK visit to repair family relationships alongside his other engagements, his relationship with William and Kate specifically remains severely strained. “It’s also clear that Kate and William will not forgive him for Spare,” Andrews wrote, concluding that while the couple remains united with each other, “their relationship with Harry and Meghan seems to be broken forever.”

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Amalgamate banks – The Economic Times

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ET Search
This refers to your edit ‘India needs new banks’ (ET, Mar 4). Financial inclusion and financial literacy will be the paramount objective while implementing reforms along with UID project to protect the interests of poor. Modern banking system has lost apersonal touch. Even citizens from semi-urban areas are reluctant to use ATMs. NextGen banking may fail in rural areas. It’s true we need more banks and innovative way of thinking, competition will drive away inefficient players.

ET has also suggested the perfect solution to the problem in the same edition, ‘Before they compete, let banks consolidate’. Narasimhan panel too has suggested to have less number of banks with more branches at the national level. The author has pointed out that of 9,000 private bank branches, just 1,138 are located in rural areas. This means they are not keen to go rural.

Shishir Sindekar,

Nasik, March 4

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Prysmian S.p.A. (PRYMY) Q2 2026 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript