Has the correlation between the Nifty IT index and the NASDAQ ended?

The gain in NASDAQ thus far in CY23 was largely fueled by Google, Apple, Amazon, Netflix and Meta Platforms - also known as the FAANG stocks.

Calendar year 2023 (CY23) has thus far proved to be a good year for select information technology stocks. In the US, for instance, the tech-heavy NASDAQ has rallied nearly 18 per cent thus far in CY23, and has outrun peers such as the Dow Jones Industrial Average (DJIA) and the S&P 500.

Back home, the Nifty IT index – a gauge of the performance of the IT stocks on the National Stock Exchange (NSE) that has closely mirrored the performance of NASDAQ over the past few years – has lost nearly 2 per cent in CY23.

So, has the correlation