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Business news · Markets · 01 Oct 2026

Nifty IT falls 11% in September, almost twice the Nifty 50's drop, on weak tech spending and AI uncertainty

IN Information Technology

What happened

The Nifty IT index lost 11% in September, against a 6% fall in the Nifty 50. TCS fell about 12%, Wipro and Infosys 10% each and Mphasis 9%. Market participants cited: - subdued discretionary technology spending - high interest rates - slower global growth - uncertainty over how generative AI affects traditional IT services JM Financial estimates large-cap IT revenue growth of -0.5% to 2.6% quarter-on-quarter in constant currency for Q2FY27 and 2.7% to 13% for mid-tier firms.

Why it matters for listed companies

Indian IT services firms earn most of their revenue from discretionary and transformation projects for US and European clients. When those budgets are held back and clients test AI tools that can automate parts of coding and support work, both deal volumes and pricing come under question. The September-quarter results due in October are the next hard data point on how far this has reached reported revenue.

Reported by Mint (via TradingView) — “Nifty IT crashes 11% in September: TCS, Infosys, Wipro among top losers - Can Q2 earnings spark a rebound?” ↗ on 01 Oct 2026.

How these sectors have moved since

NSE stocks, from the last close on or before 01 Oct 2026 to the close on 15 Oct 2026.

SectorStocksMedian moveUpvs all stocks
Information Technology40 +7.1%32 of 40+7.7 pts
All tracked stocks804-0.6%356 of 804—

Companies named in the report

CompanyThenNowMove
Coforge Ltd. COFORGE ₹1,826₹1,934.3 +5.9%
Infosys Ltd. INFY ₹1,035₹1,110 +7.2%
MphasiS Ltd. MPHASIS ₹2,250.2₹2,453.2 +9.0%
Persistent Systems Ltd. PERSISTENT ₹5,367₹5,840 +8.8%
Tata Consultancy Services Ltd. TCS ₹2,075₹2,350 +13.3%
Wipro Ltd. WIPRO ₹159.35₹174.05 +9.2%
These figures are measured, not attributed. Prices and rates move for many reasons at once; they show what happened after this story, not that the story caused it. Nothing here is a recommendation to buy, sell or hold.

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