Indian shares fell on Monday, dragged by tech after a strong U.S. jobs report renewed fears of the Federal Reserve sustaining aggressive rate hikes for longer, while foreign investors continued to sell.
IT companies in the country draw the bulk of their revenue from the United States. A potential slowdown in the world's largest economy hobbles their growth prospects.
While concerns about a rate hike in the U.S. weigh on the sector, after the recent sharp correction, there is a limited downside, said two analysts. "It is a breather," said Ajit Mishra of Religare Broking. "The sentiment remains positive for IT, even if comments from Fed and macro data from U.S. could cause near-term volatility,"
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