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Tech sector is adjusting to the post-pandemic world

Since January, the Nifty IT index, which tracks the 10 largest listed infotech companies, has lost a whopping 29 per cent. The Nifty has gained 1.5 per cent over the same period, and the rupee has dropped a little over 7 per cent versus the US dollar. This combination of a falling rupee and a falling IT index is unusual. Investors view Indian infotech as a hedge against rupee depreciation. But the rout of tech stocks is a global phenomenon in 2022. The Nasdaq 100, which is the global tech bellwether, is down by 25 per cent this year, and