The Nifty IT index plummeted over 2% to a fresh 52-week low of 26,425 amid heavy selling pressure. Heavyweight stocks such as Infosys declined 2.38% to ₹1,011, while Tata Consultancy Services dropped 2.19% to ₹2,052. Persistent global inflation has fuelled market expectations of multiple interest rate hikes by the US Federal Reserve.