IT Stocks Worst Hit: Top Five IT Shares Pulling Sensex, Nifty Down Today

IT Stocks Crash Today: The equity benchmark indices dipped in early trade on Tuesday, led by IT stocks, amid concerns over Trump's reciprocal tariffs.  The 30-share BSE benchmark Sensex slid 1180.94 points to 76,219 in early trading. The NSE Nifty decreased by 329.55 points to 23,185.55 at 1 pm, on Tuesday.  

The drop is majorly due to President Donald Trump 's plan to implement a series of reciprocal tariffs on April 2, which he claims will be "Liberation Day" for the United States.

IT Stocks Major Laggards - Full List

The IT sector witnessed a significant downturn, with the Nifty IT index declining by 2%, reflecting a broad sell-off across the sector.

On BSE, Among the top laggards, Infosys dropped by 2.57% to Rs 1530.00, HCL Technologies fell by 2.62% to Rs 1549.25, and Tata Consultancy Services slipped by 1.57% to Rs 3547.95. Tech Mahindra also faced a decline of 1.81%, closing at Rs 1392.35.

The BSE-Focused IT index mirrored this trend, falling by 2.09% to 42,270.76 points. Other notable declines included Mphasis at Rs 2452.45 (-1.93%), LTIMindtree at Rs 4392.25 (-2.23%), Tata Elxsi at Rs 5095.50 (-2.32%), Coforge at Rs 7865.60 (-2.88%), and Persistent Systems at Rs 5263.70 (-4.34%).

Wipro stood out as the sole exception, managing a marginal gain of 0.06%, closing at Rs 262.25.

Why IT Stocks Are Falling?

Nilesh Jain, VP and Head of Technical and Derivatives at Centrum Broking Limited, said, “The rupee is appreciating, and technically, the IT index is looking weak. We expect the rupee to appreciate further towards Rs 85.3/85. That may add further pressure on IT stocks.”

The Indian rupee slid 32 paise to 85.47 against the US dollar in early trade.  The dollar index, which measures the greenback's movement against a basket of six major international currencies, fell 0.14% to 104.04.

According to the PTI report, India's total exports of software services, including services delivered by foreign affiliates of Indian companies, increased to $ 205.2 billion during 2023-24 from $ 200.6 billion in the previous fiscal, according to a Reserve Bank survey.

The US was the major software export destination with a 54 per cent share, followed by Europe (31 per cent share), where the United Kingdom was a major destination country, according to the data.

In the survey, 7,226 software export companies were contacted, of which 2,266 firms, including most of the large companies, responded. The participating companies together accounted for nearly 89 per cent of total software services exports.
 

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