homevideos Newsmarket NewsNifty IT index sees biggest fall in three months as valuations get frothy
videos | Dec 9, 2022 7:27 PM IST

Nifty IT index sees biggest fall in three months as valuations get frothy

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On Friday, the Nifty IT index has seen single biggest fall in the last three months.

The Nifty IT index fell 3.5 percent in intraday trade on Friday. This was the single biggest fall that has been seen in the last three months. In fact, all the top five losers on the Nifty50 today were IT stocks.

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This time, however, the reasons for the fall are different. The index rose strongly for the last two years. In 2020 and in 2021, the Nifty IT index had seen a gain of more than 50 percent. Now, the frothy valuations are getting corrected. Brokerages are still playing the long theme but are also getting
Even the SIP inflow number in the month of November was just Rs 2000-2,500 crore and this indicates with rising interest rates people are moving away from equities and now investing more in debt.
Credit Suisse says that there is a high risk of revenue cuts if US growth slows further. IT expects moderate 2-4 percent EPS cut and a two percent constant currency revenue cut when compared year-on-year.
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