June 23: Global markets witnessed weakness in the technology sector, with Nasdaq and S&P 500 futures trading lower, while India’s Nifty IT index also declined amid broad-based selling pressure.
The downturn was driven by profit-booking in major technology stocks after recent gains, along with concerns over elevated valuations in the sector. Investors also turned cautious ahead of key global economic data and expectations around interest rate movements.
The decline in global tech shares weighed on Indian IT stocks, which are closely linked to demand trends in key overseas markets such as the United States and Europe.
Market analysts said the sell-off reflects a combination of valuation concerns, global macroeconomic uncertainty, and cautious investor positioning in technology-heavy equities.
Despite short-term volatility, experts noted that the long-term outlook for the technology sector remains supported by structural growth drivers such as artificial intelligence, cloud computing, and digital transformation.
Overall, the weakness highlights a cautious global risk sentiment impacting major technology indices across markets.