Indian IT cos fall as US recession fears stoke growth worries

India's IT stocks .NIFTYIT shed over 2%; set for third consecutive session of losses

U.S. recession fears weigh on stocks, given IT firms derive substantial portion of rev from U.S.

Infosys INFY.NS, Wipro WIPR.NS shed 3% and 2%, respectively; Tech Mahindra TEML.NS falls 1.7%

All three stocks among top five Nifty 50 .NSEI losers

Persistent Systems PERS.NS sole gainer on NIFTYIT

PERS rises 1% after CLSA upgrades to "high-conviction outperform", citing co's generative AI capabilities, high exposure to fast-growing product engineering segment

Jefferies, Nuvama downgrade NIFTYIT to "underweight" on rising growth concerns in U.S.

Analysts say investors shifting from export-driven sectors like IT and pharma amid U.S. uncertainty

NIFTYIT down 20% from lifetime high hit on December 13, 2024

YTD, index loses 15%