Nifty IT index tumbled 3% on Monday with Wipro, Infosys, LTIMindtree, TCS, Mphasis, Tech Mahindra, HCLTech, Persistent Systems, Coforge, L&T Technology Services falling 2-4%. The fall came as US Fed Chief Jerome Powell indicated slower rate cuts amid economic growth, solid job market & above-target inflation. Higher US rates make emerging markets, like India, less attractive to foreign investors.