New Delhi, Aug. 8 -- The rout in domestic tech stocks has extended into this week, with the Nifty IT index losing another 0.72%, extending its weekly losing streak to the fifth straight week, the largest weekly drop in little over two years.
The last time the index logged losses for five consecutive weeks was between February and March 2023. The index has lost 12.17% over the last five weeks, causing it to lose 20% in 2025 so far, making it the worst performer among major sectoral indices.
Eight out of ten constituents of the index are in bear market territory, trading with a drop of more than 20% from their recent peak. On Dalal Street, corrections are defined as losses of 10%, while bear markets are marked by drawdowns of 20% or more....
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