Most of the IT stocks like Infosys, Tata Consultancy Services (TCS), LTI Mindtree, and others were trading lower on Tuesday, June 23, amid a flat market sentiment.
The Nifty IT index slipped 2% to touch an intraday low of the 27,053.40 level. At the time of writing the piece, the gauge was down 544 points. Out of 10 stocks listed on the index, 9 were in red while Oracle Financial Services Software (1.2%) was the only gainer.
Infosys was the biggest laggard, slipping 2.8%, followed by TCS (-2.66%), Tech Mahindra (-2.3%), Wipro (-1.89%) and LTIMindtree (-1.88%). Shares of Mphasis (-1.6%), HCL Technologies (-1.21%), Coforge (-0.53%) and Persistent Systems (-0.29%) were also seen lower.
The decline in IT stocks was followed by a weaker close on Wall Street, with both the S&P 500 and Nasdaq indices ending lower on Monday, weighed down by losses in megacap technology stocks such as Alphabet.
Among the US technology stocks, Alphabet dropped 5%, while Meta, Amazon, and Microsoft recorded losses ranging from 2.3% to 4.7%.
In the last week, the Nifty IT index has tumbled 5%, while for a month’s time it has slipped 6.3%. For a six-month period, it has tanked 31%. However, on a year-on-year basis, the Nifty IT index has declined 29%.
The market investors have been cautious regarding the sector after last week, when Accenture shared a subdued outlook for FY2027. In its outlook for FY27, Accenture revised its revenue target down to the range of 3% to 4%, compared to the company’s earlier estimates of 3% to 5%, as per the official announcement. Accenture trimmed its revenue outlook largely due to the impact of the West Asia crisis on the company’s consulting business.
“Indian IT services companies continue to lack short-term triggers while their valuations seem close to a trough,” HSBC analysts had said in a note the previous week.
Oracle’s annual report
Investment sentiment was impacted after Oracle, in its annual report, disclosed a 13% decline in its total workforce-around 21,000 employees-in FY26, as the cloud computing major continued restructuring its business, partly driven by the adoption of AI across its operations.
The company reported that it incurred $1.84 billion in severance payments and other exit costs related to these restructuring activities in fiscal 2026, significantly higher than the $374 million spent in the previous fiscal year.
Oracle’s total workforce stood at 141,000 as of May 31, 2026, compared to approximately 162,000 in the same period last year, according to the annual report.
TCS Q1 FY27 earnings schedule
Tata Consultancy Services on Monday said the company’s board of directors has fixed its quarterly meeting date to declare the April-to-June quarter results for the fiscal year ending 2026-27, according to a regulatory filing.
India’s largest IT company said its board of directors will meet on July 9, 2026, to approve Q1 FY27 earnings and also consider the declaration of an interim dividend to the equity shareholders.
“The interim dividend, if declared, shall be paid to the equity shareholders of the company whose names appear on the Register of Members of the company or in the records of the Depositories as beneficial owners of the shares as on Wednesday, July 15, 2026, which is the Record Date fixed for the purpose,” the company had said.