IT stocks see biggest drop in six weeks amid Federal Reserve rate cuts

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IT stocks see biggest drop in six weeks amid Federal Reserve rate cuts - Business Standard

Quick Summary:

According to experts, the expected rate cut will likely weaken the dollar, affecting the revenue growth of Indian IT players in the short term.

The recent wave of layoffs in the tech industry and job cuts in companies like Apple, Cisco, IBM, and Intel have sent shockwaves through the IT sector," said Vinod Nair, head of research at Geojit Financial Services.

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.