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IT stocks traded lower on Monday, following a sharp sell-off in the Indian stock market. The NIfty IT index declined more than 2%, with most of its constituents slipping in the red.

HCL Technologies, Tata Consultancy Services (TCS), Persistent Systems, Infosys and Wipro were the top losers in the Nifty IT index, falling over 1% each. On the contrary, Coforge and Mphasis were the only gainers in the index.

The fall in IT stocks came as the Indian stock market crashed amid weak global market cues. The frontline indices, Sensex and Nifty 50 dropped over 1.5% each.

The fall in the Indian stock market today came amid renewed escalating geopolitical tensions as earlier optimism surrounding the temporary ceasefire in the Middle East faded after US–Iran talks collapsed over the weekend, raising fears of a prolonged conflict and potential supply disruptions.

A sharp rise in crude oil prices above the $104 per barrel mark has been the key driver behind the risk-off sentiment, triggering broad-based selling across the market.

(More to come)

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