Indian Markets Tumble as Global Tech Sales Drop

The stock market in India is expected to open lower this Friday, following a decline on Wall Street and across Asia. Tech stocks, which are a big part of the Indian index, have already lost more than twelve percent this year. Investors are worried that the upcoming U. S. inflation report could push interest rates higher, which would hurt technology companies. The Nasdaq Composite fell more than two percent overnight because traders are nervous about the U. S. data that will be released today. A stronger jobs report in January has already made it harder for the Federal Reserve to lower rates soon. Because of this uncertainty, shares of Infosys and Wipro on U. S. exchanges dropped ten percent and five percent respectively.In India, retail inflation climbed to 2. 75 percent in January. This is the first time it has reached the target range set by the central bank after five months of higher inflation. The new figure is based on a revised data set that the government released last week. Analysts say that global selling in technology stocks has shaken confidence. They warn that the market may stay weak for a while, especially as investors wait for more clues about U. S. monetary policy. Investors should keep an eye on the tech sector and on how the U. S. inflation report plays out, because it could change the direction of interest rates and affect global markets.