India's IT stocks slip to over 1-month low as trade worries persist

Tech Mahindra

05/01/2026 05:02

** India's IT stocks index .NIFTYIT drop about 2.5% to its lowest level in more than a month; all 10 constituents in the red

** Nifty 50 .NSEI up 0.1%; .NIFTYIT top loser among sub-indexes

** Infosys INFY.NS slumps 3%;  Wipro WIPR.NS down 2.1%,

** HCL Tech HCLT.NS down 2.5%, Tech Mahindra TEML.NS falls 1.3%; CLSA downgrades them, citing "lack of concrete signs of a major turnaround" for the sector

** Trump said tariffs on Indian goods could be raised over Russian oil issue

** Expect slow, uneven recovery for Indian IT services; margin trajectory needs to be monitored, but pressure likely to continue; valuations not attractive - Citi

** Nomura says continued depreciation of INR vs USD to have aided margins in Q3FY26; expects Q3FY26F results to show normal impact from furloughs and the holiday season

(Reporting by Brijesh Patel in Bengaluru)

((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))