Indian IT stocks came under heavy selling pressure on Friday, with Tata Consultancy Services, Infosys and Persistent Systems falling nearly 4% intraday, as a sharp selloff in US software companies spilled over to domestic technology counters.
The weakness followed a rotation in global technology stocks overnight, where investors shifted capital back into AI-linked semiconductor and memory companies while booking profits in software names after a strong rally.
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Among the biggest losers on the Nifty IT index, TCS fell as much as 4.35% intraday, Persistent Systems declined 4.56%, and Infosys slipped 4.15%. Wipro and HCL Technologies also traded lower, extending losses across the sector. Oracle Financial Services Software bucked the trend with marginal gains.
The correction comes after a strong run for Indian IT stocks over the past month. Infosys had rallied nearly 11% over the previous seven sessions, while TCS had gained almost 8%. Wipro and HCL Technologies had also posted solid gains, making the sector vulnerable to profit booking.
The trigger came from Wall Street, where software companies bore the brunt of a sector rotation. Shares of Accenture, Cognizant Technology Solutions and Salesforce fell sharply overnight, while the American Depositary Receipts of Infosys also declined. In contrast, investors rushed back into AI-focused chip and memory makers, with Sandisk surging more than 24% during the session.
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