Tech stocks resume losing streak as Citi retains cautious stance on sector; Nifty IT cracks over 2%

Indian stock market: After a two-day relief rally, Indian technology stocks resumed their losing streak on Wednesday, March 19, as global brokerage firm Citi joined the list of other brokerages that turned cautious about growth in tech companies amid concerns over the U.S. economy.

The Nifty IT index plunged 2.2% to 35,804 points. Last week, it entered a bear market after falling 20% from its peak. At current levels, the index has corrected by 22%, marking a sharp reversal from the strong rally seen in 2024.