Technology shares stay under pressure as global rate cues dominate sentiment

Indian IT stocks extended their losing streak to a third straight session as selling pressure intensified ahead of the US Federal Reserve’s policy decision. Several frontline technology counters declined up to 4 percent as investors turned cautious over the interest rate outlook, currency movements and potential impact on global technology spending. Weak global cues and subdued risk appetite continued to weigh on export-oriented IT companies across the broader market.