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With Indian information technology (IT) stocks tumbling in line with their global counterparts, IT sector funds have also taken a beating. They have declined 22.9 per cent on an average year-to-date and are currently the worst-performing fund category of 2022. However, experts say the current downturn offers an opportunity for contrarian buying in these funds.
Mirroring global trend
IT sector funds gave blockbuster returns during the pandemic: 57.7 per cent category average in 2020 and 63.9 per cent in 2021. This was owing to the rapid adoption of digital technologies during that period. As the demand for tech products rose,
