US jobs data fallout: Recession fears add to IT services sector concerns

Fear of a recession in the US due to rising unemployment has added to the concerns of India’s IT services sector, which was seeing some growth returning post-Q1FY25 results.

The Nifty IT closed 3.26 per cent down, as major IT services companies’ stock value fell. Tata Consultancy Services (TCS), India’s largest IT services firm, saw its stock price fall 4 per cent during intraday trading. It finally closed at Rs 4,155.30 per share, down 2.98 per cent from previous close.