IT Stocks today: Infosys, Wipro ADRs slump up to 10% as global tech selloff persists | Markets News
Shares of Indian technology (IT) companies listed on Wall Street extended their losses, signalling a likely gap-down opening for domestic IT stocks amid rising concerns over AI-driven disruption.
The American Depositary Receipts (ADRs) of Infosys Ltd. ended 9.8 per cent lower on Thursday on the New York Stock Exchange, while the Wipro ADR slipped 4.6 per cent. This comes a day after the Nifty IT index hit a more than nine-month low amid concerns over the impact of artificial intelligence (AI) on business models.
On Thursday, index heavyweights Tata Consultancy Services (TCS), Infosys, Tech Mahindra, Coforge, Oracle Financial Services Software, and LTIMindtree declined between 6 per cent and 7 per cent. Among non-index stocks, Sonata Software, KPIT Technologies, Birlasoft, Cigniti Technologies, and Zensar Technologies fell 6-8 per cent. TCS, Wipro, Cyient, and Hexaware Technologies hit their respective 52-week lows.
ALSO READ | Tech Mahindra, Infy among top analyst picks as IT stocks continue to slide
Meanwhile, Indian equity markets are likely to open gap-down after global stocks tumbled on Friday. The early indicator for the benchmark Nifty 50 — GIFT Nifty — was down 40 points as of 7:45 AM.
Growing concerns over AI-led disruption and fading optimism around near-term global rate cuts, following strong US. Jobs data are likely to weigh on sentiment, Ponmudi R, chief executive officer of Enrich Money, said. “Nearly ₹2.80 lakh crore in market capitalisation was erased in the previous session, signalling that traders preferred to lock in gains rather than chase valuations at elevated levels.”
(Disclaimer: The views and investment tips expressed by the analysts in this article are their own and not those of the website or its management. Business Standard advises users to check with certified experts before taking any investment decisions.)
