The benchmark index of Indian information technology stocks, Nifty IT, steadied after seeing the worst weekly fall since March 2020, as headwinds for the industry triggered sharp cuts in share prices.
The Nifty IT rose as much as 1.64% during the session, after a fall of 7.96% in the week ending Feb. 28, the worst week since March 2020.
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The gauge has fallen by 13.5% this year, weighed by delayed rate cuts in the US and the late revival of discretionary demand. The relative strength index stood at 22, indicating oversold territory.
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Tech Mahindra Ltd. shares rose 3%, while Wipro Ltd. and Infosys Ltd. stocks gained over 2% each in early trade. All but two stocks were trading positive during the day.
The selloff last week came after tech stocks in the US took a beating, following Nvidia Corp.'s fourth-quarter earnings and commentary that failed to enthuse investors accustomed to sporadic AI-fuelled gains.
The pressure for the index also comes amid concerns over a slowing US economy, which piles pressure on domestic software exporters.
Nifty IT declined 12.4% last month, compared to about a 5.5% fall in the benchmark Nifty 50. The last time the IT gauge sunk more than 12% was in April 2022.
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