TCS, after a 9% fall on Wednesday, is looking to trade above the flat line in the early minutes of trade, while Tech Mahindra is trading with gains of 0.4%.
How Much Did Infosys, Wipro Fall Overnight?
The US-listed shares of Infosys and Wipro, also known as American Depository Receipts (ADRs) fell between 3% to 5% overnight, marking their second straight day of losses.While the Infosys ADR was down 4.7% overnight, the ADR of Wipro saw losses of 3.6% as well.
A US-listed ETF tracking software stocks also declined by over 4% in Wednesday’s trade on Wall Street.
The IT Sell-off On Wednesday
The Nifty IT index fell nearly 6% on Wednesday, marking its biggest single-day fall since at least 2020 with all index constituents ending with losses ranging from 3% to as high as 9%.TCS was the top loser on the Nifty IT as well as the Nifty 50 index on Wednesday, with its 8.5% drop turning out to be the highest since March 2020. The stock also gave up all the gains that it made across Monday and Tuesday’s sessions.
Over 1.5 crore shares of TCS changed hands on Wednesday, of which 45% of those were marked for delivery.
₹2,210 is a key level for TCS, below which, its market capitalization will slip below the mark of ₹8 lakh crore.
How Much Are IT Stocks Down In 2026?
From the 52-week lows that these IT companies made in March, the stocks had recovered between 30% to 60% from those levels.
Oracle Financial Services is the only stock on the Nifty IT index that is trading with gains on a year-to-date basis.
With Wednesday’s sell-off, most of these IT names gave up their gains made over the last two sessions.
As of closing on Wednesday, LTM is the worst performer on the Nifty IT index with losses of 33%, followed by TCS, which is down 30%. Shares of Wipro, Infosys and HCLTech are down 23%, 25% and 27% so far for the year respectively.
