Among individual IT stocks, Infosys slipped over 5 per cent in intraday deals on Wednesday, after Morgan Stanley downgraded the stock to 'equal weight', and preferred TCS.
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.
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%.
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
Meanwhile, NSE F&O data shows that FIIs were net sellers in Nifty futures for the sixth straight trading session on Tuesday, with net sales of 70,318 contracts in this period.
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
He highlighted shifting demand dynamics, uncertainty, and the evolving role of generative artificial intelligence (GenAI)
The weakness and profit booking in the IT stocks came after two consecutive days of the Nifty IT index hitting lifetime highs and making a new summit at 44,330.60 level on Wednesday
Stock Market Today: Adani Enterprises has successfully raised $500 million through a share sale, marking its return to the equity markets after a previous cancellation.
The Indian IT major is expected to register a single digit rise in its topline and bottomline compared to the September quarter of FY24
HCL Tech's market cap first time today touched Rs 5.02 trillion after stock hit a new high of Rs 1,852, gaining 2% on the BSE in Friday's intra-day trade.
The IT sector is on the cusp of a mild but possibly sustained recovery in client spending, and the impending rate cut cycle should add to the sector tailwinds, according to MOFSL.
With HCL Tech's stock up 3 per cent at 11:58 AM, the market cap of the company stood at Rs 4.9 trillion, and 2 per cent away from the Rs 5-trillion-mark, exchange data showed.
The company's management anticipates double-digit growth for the industry over the next five years, including for HCLTech.
Nifty may pause around 24,850 before moving towards the 25,000 level. In the event of a dip, we expect the index to find support in the 24,450-24,600 zone
Shares of HCL Tech zoomed 4.83 per cent at Rs 1635.85 per share on the BSE in Monday's early morning trade. This came after the IT services major reported a 20.4 per cent year on year increase profits
Given the bottoming out of revenue growth rate, analysts expect the earnings per share (EPS) downgrade cycle to come to an end for the sector
Technical charts suggest that Infosys can potentially rally up to 10% from present levels; while TCS and HCL Technologies still look weak.
At 10:00 AM, the stock was the top loser on 30-share Sensex. By comparison, S&P BSE Sensex was up 0.37 per cent at 74,002.66 levels