Nifty outlook for today: Option data suggests a broader trading range in between 23,200 to 24,100 zones while an immediate range between 23,400 to 23,900 levels.
Prashanth Tapse of Mehta Equities said that while IT stocks have seen some improvement in price, the broader fundamentals of the sector remain challenging due to relatively subdued growth expectations
The Nifty IT index has corrected 27 per cent on a Y-T-D basis, in comparison, the Nifty 50 index has declined 9.5 per cent in the same period.
Nifty IT index has fallen nearly 25 per cent year-to-date, compared with an 8.85 per cent decline in the benchmark Nifty50
Elara Capital has upgraded its rating to 'Accumulate' from 'Reduce', while Choice Institutional Equities has reaffirmed its 'Buy' rating following the Q4 results
Stocks to Watch today, May 5, 2026: Marico, SRF, United Breweries, Poonawalla Fincorp, Ather Energy, and Punjab National Bank are among the top stocks to watch during today's trading session
LTIMindtree was the top loser, down nearly 6 per cent, followed by Coforge, Infosys, and Mphasis, falling over 5 per cent each
IT stocks came under sharp selling pressure today after HCLTech's Q4 results and weak growth guidance.