Nifty IT slips 4% on growth concerns

Shares of information technology (IT) companies came under pressure, with the Nifty IT index falling 4.2 per cent on the National Stock Exchange (NSE) on Friday, amid concerns over sluggish global economic growth.

- DEEPAK KORGAONKAR

US markets nosedived on Thursday, weighed down by a slump in chipmaker Nvidia stocks, whose quarterly report failed to reignite Wall Street's AI rally.

The Nifty IT index saw the steepest decline among sectoral indices. Tata Consultancy Services (TCS), the sectoral giant, hit a 52-week low of ₹3,457 before closing at ₹3,483, down 3.6 per cent. This marks the lowest level for the stock since November 2023. Tata Technologies (was down 6.08 per cent at ₹671 apiece) and Tata Elxsi (fell 2.73 per cent at ₹5,411 apiece) also hit their respective 52-week lows on the NSE during intra-day trade. The IT sector, a traditional growth driver, is facing weaker deal momentum and cautious client spending, according to analysts.