Shares of IT giants like L&T Technology Services (LTTS), Persistent Systems, and Mphasis fell 6% on 24th February as concerns over the USA’s slowing economy triggered a sharp sell-off. Domestic IT firms reliant on service exports to the USA faced the biggest losses.
US consumer sentiment hit a 15-month low in February, while inflation expectations rose due to Trump’s proposed tariffs, worsening investor worries.
With a gloomy business outlook, investors offloaded export-driven IT stocks, fearing slower growth and reduced demand.
Concerns over stagflation in the US—marked by slowing growth and rising prices—are increasing, posing risks to global growth.
A weakening US economy makes emerging markets like India less attractive, leading investors toward safer assets like the dollar and US treasuries.
In February, FIIs offloaded Rs 36,977 crore worth of Indian equities, while DIIs invested Rs 42,601 crore in purchases.
At 12:26 PM, Persistent Systems was down 2.51% at Rs 5,567.15 & LTTS was down 5.31% at Rs 4,850.95 on NSE.
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