Information technology stocks suffer biggest one-day fall in six weeks

Information technology (IT) stocks posted their sharpest drop in over six weeks on Wednesday. Market players said the underperformance of the IT sector during previous rate cut cycles by the US Federal Reserve (Fed), coupled with Accenture’s decision to defer staff promotions, dampened investor sentiment. Experts also attributed the decline to profit booking following a sharp 25 per cent increase over the past three months.