Nifty IT hits fresh 52-week low as Infosys, TCS, Wipro & others tumble up to 3%. What's spooking investors?

The Nifty IT index hit a fresh 52-week low as IT stocks tumbled up to 3%, with LTI Mindtree falling around 3% and Wipro, Infosys, TCS, and HCL Technologies declining over 2% each. The selloff was triggered by a hawkish tone from the US Federal Reserve, which held rates steady but signaled more policymakers expect rate hikes later this year amid inflation above the 2% target. Concerns over weaker discretionary spending and Accenture's softer outlook added to the pressure ahead of TCS's Q1 results on July 9.