why are tech stocks down today in india
With bond yields on the rise tech-forward indexes are bearing the brunt. In India stocks across sectors lost ground.
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The NSE Nifty 50 index was down 190 per cent or 31720 points at 1636545.
. Tech stocks have continued to struggle as investors price in the impact of higher interest rates on the valuations of most high-growth companies. The most recent consumer price index CPI data for May is in and we. Technology stocks are partially to blame right now for the markets overall tumble.
Share market indexes Sensex and Nifty dropped around 2 per cent and were set for their worst week since November. These were just the big IT names that plunged. 23 2021 Published 1147 am.
Both equity indexes were in the red as investors fretted that fast-paced interest rate hikes to tame surging inflation would slow global economic growth. Niftys volatility index an indicator of the degree of volatility traders expect over the next 30 days rose 66 per cent. Interestingly enough mega-cap stocks have not.
Why Are Tech Stocks Down Today. Tech Mahindra and Mphasis plunge 7. Given these points here are some of the most popular tech stocks down MTD.
Niftys small-cap index fell 13 per cent and the mid-cap index slipped 1 per cent. IT behemoths Wipro and TCS fall 4. Companies from a wide variety of sectors has fallen 13 this year.
Now that certain indications suggest the economy is getting back on track investors look for better places to park their money. The most notable factor driving tech stocks lower today was a rather dismal inflation print. Even after stocks overall bounced back last week technology giants like Netflix and.
For the sake of comparison the SP 500 an index made up of 500 of the largest US. The past couple of months have been subdued for IT stocks. The tech-heavy Nasdaq Composite is down around 23 for the year so far after soaring 21 in 2021.
Just three of the 50 stocks on the Nifty 50 index gained.
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