IT stocks see profit booking ahead of FOMC decision, Nifty IT dips 3%

The Nifty IT index fell nearly 3%, with all major IT stocks trading in the red as anticipation builds for the Fed meeting outcome. Infosys, TCS, and Tech Mahindra were among the hardest hit, contributing significantly to the index’s decline. All ten components of the index experienced drops ranging from 2% to 5%.

This downturn in the IT sector was exacerbated by Accenture’s 5% decline on September 17, following news of a six-month delay in promotions due to a challenging consultancy landscape. Bloomberg reported that Accenture informed its employees that most promotions will now be postponed until June instead of the usual December timeline.