IT stocks such as Infosys, Tata Consultancy Services, Infosys, HCL Technologies, Wipro are under pressure during the trading hours on Tuesday, June 23. This is after U.S. markets ended lower, with S&P 500 and Nasdaq weighed down by losses in megacap technology stocks as investors monitored developments in U.S.-Iran negotiations.
Alphabet led the decline, tumbling 5%, while Meta Platforms, Amazon and Microsoft fell between 2.3% and 4.7%, adding pressure on the broader indices.
Back home, IT stocks traded mostly lower, with Infosys emerging as the top laggard, falling 2.22% to a current trading price of Rs 1,041.80. Tata Consultancy Services (TCS) declined 1.39% to Rs 2,098.20, while HCL Technologies slipped 1.24% to Rs 1,116.50. Wipro was down 0.75% at Rs 178.82, followed by Tech Mahindra, which fell 0.62% to Rs 1,426.30, and Mphasis, down 0.59% at Rs 2,266.70.
On the positive side, Coforge gained 0.24% to trade at Rs 1,487.50, Oracle Financial Services Software rose 0.17% to Rs 9,748.00, while Persistent Systems edged up 0.04% to Rs 4,862.50.
Wall Street’s rally this year has been largely driven by optimism around artificial intelligence, though investors have increasingly begun scrutinising the massive infrastructure spending plans of hyperscalers. The next key read on AI demand when Micron Technology reports its quarterly earnings on Wednesday. Shares of the memory-chip maker have surged nearly 300% this year, making its results a closely watched gauge of the AI trade.
This crash also comes after IT stocks had rallied yesterday. The rally was led by Coforge, with the shares rising 2.85% intraday to Rs 1,505 apiece, followed by Oracle Financial Services Software, with a 2.09% surge at Rs 9,840 per share, while Infosys gained 1.95% trading at Rs 1.071.9. Shares of TCS, HCL Technologies and Mphasis rose over 1% to trade at Rs 2,157, Rs 1,148.7 and Rs 2,307.1 respectively.