IT stocks suffer biggest one-day fall in six weeks
Business Standard|September 19, 2024
Accenture promotion delay, past Fed rate cuts cited
ABHISHEK KUMAR
IT stocks suffer biggest one-day fall in six weeks

Information technology (IT) stocks posted their sharpest drop in over six weeks on Wednesday. Market players said the underperformance of the IT sector during previous rate cut cycles by the US Federal Reserve (Fed), coupled with Accenture's decision to defer staff promotions, dampened investor sentiment.

Experts also attributed the decline to profit booking following a sharp 25 per cent increase over the past three months.

Accenture corrected nearly 5 per cent on Thursday following news that the company has informed employees that most promotions will take place in June, instead of the usual December, due to a challenging consultancy environment.

The National Stock Exchange (NSE) Nifty IT Index ended 3.1 per cent lower at 42,089 on Wednesday. its biggest single-day decline since August 5.

Mphasis fell the most, by 5.6 per cent, followed by Tata Consultancy Services at 3.5 per cent. L&T Technology Services, Persistent Systems, Infosys, and HCLTech also fell by over 3 per cent each.

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