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The Nifty IT index plunged seven percent in early trading on April 7, mirroring a global risk-averse mood that dragged down Indian equities.
Both NSE Nifty and and BSE Sensex on Monday opened over 3.5 per cent down to hit 10-month lows on April 7.
Nifty Share Price Today: The Nifty IT index plunged seven percent in early trading on April 7, mirroring a global risk-averse mood that dragged down Indian equities.
Major IT services firms, which rely heavily on US revenue, saw sharp declines, with Infosys, TCS, and HCL Technologies leading the losses on the Nifty 50. By 9:15 am, the Nifty IT was down seven percent, with mid-cap players like Mphasis and Coforge dropping 6-9 per cent, while Infosys slumped 10 percent.
The sell-off reflects growing concerns over sales growth, as Indian IT companies depend significantly on US-bound services exports. With fresh tariffs imposed, deal wins from American clients are expected to slow, potentially hurting these firms’ top-line performance.
Global Markets Fall
Global markets experienced a sharp crash on Monday, with S&P 500 futures dropping 4.31 percent and Nasdaq futures plummeting 5.45 percent, adding to last week’s nearly $6 trillion in market losses. Japan’s Nikkei fell 7.8 percent to lows not seen since late 2023, while South Korea’s market declined by 4.6 percent. Hong Kong’s Hang Seng index and Taiwan’s benchmark both sank by 10 percent.
