TCS Share Price Slumps 6%, Infosys, HCL Tech Fall 3% As Nifty IT Snaps Two-Day Win Streak

The Nifty IT index slumped over 4% in early trade on Wednesday, June 3, dragged by weakness in IT heavyweights, following a global AI rally. Shares of Tata Consultancy Services, Infosys, HCLTech, and Tech Mahindra dropped 2-6% after opening bell, snapping a two-day winning streak after AI giant Nvidia's GTC Taipei Keynote event at COMPUTEX 2026 on Monday. 

IT stocks dragged the domestic benchmark indices lower as the Nifty 50 fell 0.8% to 23,290.45, while the 30-share BSE Sensex declined as much as 0.9%, or over 700 points, to 73,297. All sectoral indices traded lower with the Nifty IT index down 4.3% at 9:50 pm. Nifty IT index index recorded the biggest single day fall since April 25, 2026, while shares of India's largest software services giant, TCS hit a nearly a four-month low as the stock witnessed the single-day drop sine Feb 4, 2026.

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After gaining nearly 8% in two consecutive sessions, Nifty IT index turned volatile amid profit booking witnessed in key counters and a technical reversal after recent moves. Weakness in the broader structural setup and a pullback in global software stocks also weighed on the sector. In the IT services pack, shares of LTM recorded the biggest single day fall since Feb. 24, 2026.

Foreign brokerages have also turned cautious on the space. The downward slump comes after the domestic IT pack after Nvidia CEO Jensen Huang on Monday said that Indian IT firms are well-placed for AI implementation while adressing the GTC Taipei Keynote at COMPUTEX 2026 Event. Huang dispelled concerns that artificial intelligence might render traditional coding obsolete. He also rejected fears of AI replacing software, instead emphasized that it will create the largest opportunity ever for software companies.

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