Nifty IT index down 2% on profit booking; TCS, Infosys, Wipro slip up to 3%

Shares of information technology (IT) companies were under pressure on Monday with the Nifty IT index falling over 2 per cent on the National Stock Exchange (NSE) on profit booking after Nasdaq fell 2 per cent on Friday on concerns about slower interest-rate cuts.

The US market fell sharply on Friday, and the yield on the 10-year note touched a six-month high. Recent economic data on inflation and retail sales and comments from senior Fed officials, including Chair Jerome Powell, weakened the case for a December rate cut by the Federal Reserve.