Information technology (IT) stocks witnessed sharp selling on Wednesday, with BSE IT index plummeting over 4%. All IT heavyweights were trading in red, with Tata Consultancy Services (TCS), Infosys, HCL Tech, Wipro, Tech Mahindra, and L&T Technology Services falling in the range of 3-5%.
Meanwhile, the BSE benchmark Sensex and NSE Nifty50 were down by 0.6% amid mixed cues from global peers amid uncertainty over U.S. President Donald Trump’s tariff plans and looming fear of recession in the world’s largest economy. All three major U.S. stocks ended lower overnight, with the Dow Jones Industrial Average closed lower by 1.14%, while the S&P 500 dropped 0.76% and the Nasdaq Composite slipped 0.18%.
Infosys was among top losers in IT space, plummeting as much as 5.5% to ₹1,569.35 on the BSE, while its market capitalisation slipped to ₹6.51 lakh crore. Early today, the IT major opened 1.2% lower at ₹1,639.65 after ending 2.3% lower in the previous session.
TCS, the country’s most valued stock, declined 2.4%, while Wipro dropped over 3.35%, and HCLTech slipped 2.4%.