IT stocks such as Infosys, TCS, HCL Technologies, LTIMindtree and others have declined up to 37 per cent from the December highs and look oversold on the daily chart; here are the key levels to track.
The Nifty IT index hit its lowest level since June 28, 2024, and has declined 17% thus far in the calendar year 2025, as compared to 5% decline in the Nifty 50.
IT stocks were seen trading in oversold zones at current levels; despite this technical charts suggest that Infosys, TCS, HCL Technologies and Tech Mahindra could slip up to 13% from here on.
US markets ended sharply lower on Monday as fear mounted that the US economy could be careening into a recession. Nasdaq Composite plunged 4 per cent
Shares of IT companies were under pressure on Tuesday as Trump's announcement that tariffs would proceed as planned gave rise to fears of a slowing US economy impacting IT companies' order flows
The IT sector is witnessing weaker deal momentum and cautious client spending, according to analysts
Technical outlook on Nifty IT, large-cap technology stocks: The IT index along-with Infosys, TCS, HCL Technologies, Tech Mahindra and Wipro look poised for further losses from present levels.
At 9:57 AM, the Nifty IT index was trading lower by 2.30 per cent, at 39,612. It touched an intra-day low of 39,465.75 during the session so far.
Technical charts show that the large-cap IT stocks can fall up to 14% from present levels, while the Nifty IT index can shed another 6%.
Wipro's Q3FY25 net profit rose 24.5 per cent Y-o-Y to Rs 3,350 crore, with a 4.5 per cent Q-o-Q increase. Revenue was Rs 22,320 crore, up 0.5 per cent Y-o-Y and flat Q-o-Q
Technical charts show that HCL Technologies, TCS, Infosys and Tech Mahindra shares could fall up to 8% from here on; while, Wipro can potentially rally by another 11%. Check key levels here
According to Motilal Oswal Financial Services, Infosys and LTIMindtree, both companies with a high discretionary tilt, have provided a more cautious view on discretionary-spend recovery
Wipro's Q3 performance is expected to reflect seasonal furlough impacts, client-specific challenges, and currency headwinds
HCLTech declared a dividend of Rs 18 per share, including a special Rs 6 per share dividend to commemorate 25 years since its public listing, marking its 88th consecutive quarter of dividend payouts
The Nifty IT Index is exhibiting a clear bearish trend in the near term, prompting traders to adopt a cautious stance
IT-bellwether TCS's headline revenue numbers remained flat, but the deal-win total contract value (TCV) was encouraging, signaling potential momentum pick-up ahead
Stock Market Today: The Nifty IT Index today is exhibiting a bearish trend in the near-term with charts signaling further downside potential
The Nifty IT index outperformed the Nifty 50 and the broader index in the second-half of 2024 with a gain of nearly 20%. Key levels to track on IT shares ahead of Q3 results.
Persistent Systems led the decline, plunging 4.78 per cent to Rs 6,320.50. Mphasis also fell sharply, down 3.38 per cent at Rs 2,836. Coforge dropped 2.77 per cent to Rs 9,546
Stock Market Today: The Nifty IT index, eventually, settled 2.6 per cent lower on the National Stock Exchange (NSE) at 44,954 level. By comparison, the Nifty50 index ended 1.5 per cent down at 23,587