NEW DELHI — Indian IT giants including Infosys, TCS, Wipro, HCLTech, and Tech Mahindra are bracing for a volatile trading session following a massive overnight tech selloff on Wall Street. A wave of intense profit-booking wiped clean over $1 trillion in market value, heavily impacting global technology and semiconductor sectors.
Wall Street Plunges Under Semiconductor Selloff
The technology-heavy Nasdaq 100 bore the brunt of Tuesday’s market anxiety, plunging over 3% (more than 1,000 points), while the Nasdaq Composite fell 2.2% and the broader S&P 500 dropped 1.4%. Conversely, the Dow Jones Industrial Average—which carries lower exposure to major tech companies—managed to finish nearly unchanged after erasing an early 350-point deficit.
The global rout was triggered by sharp declines in semiconductor and artificial intelligence-linked giants:
- Micron Technology & Sandisk: Both plummeted by roughly 13% to lead the losses.
- Semiconductor Heavyweights: Nvidia, AMD, Intel, and Qualcomm slid between 4% and 8% as investors locked in profits following months of stellar gains.
Asian Markets Mirror Global Anxiety
The tech bleeding quickly spread across Asian borders. South Korea’s benchmark KOSPI index suffered one of the largest single-day declines in its history since the 2008 global financial crisis, tanking 10% to close at 8,203.
The KOSPI’s historic drop was driven entirely by its largest tech constituents; bellwethers Samsung Electronics and SK Hynix both plummeted up to 13% during intraday trading. Because tech components account for over 63% of the entire South Korean index, the localized tech crash dragged the broader market down with it, setting a cautionary tone for Indian IT equities opening on Wednesday.