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Nifty IT hits fresh 52-week low as Infosys, TCS, Wipro & others tumble up to 3%. What's spooking investors?
The Nifty IT index fell more than 2% to a fresh 52-week low on Tuesday as persistent inflation concerns and uncertainty over the US Federal Reserve's interest rate trajectory weighed on sentiment. Infosys, TCS, Wipro and other IT stocks declined up to 3%, with investors awaiting the sector's Q1 earnings season.
JPMorgan turns cautious on IT, sees growth headwinds ahead
JPMorgan anticipates challenges for Indian IT firms over the next two years, citing uncertain demand and a mix of technology and economic headwinds. The brokerage has downgraded several stocks, including HCL Technologies and Wipro, due to current valuations not reflecting these concerns. Analysts foresee reduced revenue growth forecasts for FY27, with a softer start to the year impacting the usual first-half strength.
Wipro Ltd slips for fifth straight session
Wipro Ltd is quoting at Rs 174.35, down 0.08% on the day as on 13:19 IST on the NSE. The stock tumbled 35.28% in last one year as compared to a 4.75% slide in NIFTY and a 29.66% fall in the Nifty IT index.
Axis Capital upgrades eight IT stocks citing these three factors but downgrades Wipro, TechM
While AI-driven coding productivity is a popular theme, Axis Capital cautions that it alone cannot deliver the substantial $510 billion to $1.3 trillion in revenue that AI firms are targeting.
HCLTech, Wipro Ratings Slashed By JPMorgan, Says AI Boom Not Translating Into IT Growth Yet
The brokerage downgraded HCL Technologies, Wipro and Tata Technologies to Underweight from Neutral, while cutting their target prices. JPMorgan lowered its target on HCL Tech to Rs 1,000 from Rs 1,370, cut Wipro's target to Rs 160 from Rs 200 and reduced Tata Technologies' target to Rs 540 from Rs 560.
Stocks to watch, June 24: YES Bank, Infosys, Wipro, Honasa Consumer, IRFC, Tata Power, steel stocks - Upstox
Stocks to watch, June 24: YES Bank, Infosys, Wipro, Honasa Consumer, IRFC, Tata Power, steel stocksUpstox
Wipro expands Palo Alto Networks partnership for AI-driven cyber defense services
Shares of Wipro Ltd ended at ₹174.50, down by ₹5.60, or 3.11%, on the BSE.
Nifty IT index slips 2%; TCS, Infosys, HCL Tech, LTM, Wipro down up to 3%
In the past three weeks, the Nifty IT index tanked 13 per cent, as against 2 per cent rise in the Nifty 50.
Infosys, TCS to Wipro - IT stocks fall up to 3% amid global tech stocks selloff - Mint
Infosys, TCS to Wipro - IT stocks fall up to 3% amid global tech stocks selloffMint
Wipro Share Price Live Updates: Wipro's Financial Market Snapshot
Wipro Share Price Live Updates: Wipro's Stock Performance Update
TCS valuation slips to Wipro levels amid IT sector rout
TCS’s valuation premium over peers has eroded, with its forward multiples now near Wipro levels amid sector weakness triggered by Accenture’s outlook cut. The Nifty IT index remains the worst-performing sectoral index, down 28% this year.