Top IT shares were among the leading laggards on the benchmark Sensex, with Trump's reciprocal tariffs kicking in and a cautious note by brokerage Jefferies on April 9. The note downgraded TCS, Wipro and Mphasis and lowered the earnings per share (EPS) estimates for the stocks under coverage by 2 to 14 percent, with Infosys, Coforge and Sagility among its preferred picks.

Jefferies said it favours stocks with higher growth visibility amid tariff-related uncertainty, adding that the IT sector is unlikely to get a re-rating unless the outlook for the US GDP improves.

Jefferies on TCS

The international brokerage downgraded its rating for Tata Consultancy Services (TCS) from 'Buy' to 'Hold' and cut the target from Rs 4,530 per share to Rs 3,300 per share. The latest target price implies an upside potential of a meagre 0.2 percent from the stock's previous closing price.

TCS shares tumbled nearly 2 percent on April 9, trading at Rs 3,240 apiece.

Jefferies on Wipro 

Shares of Wipro, meanwhile, have been downgraded to 'Underperform' from 'Hold', and target price lowered from Rs 310 to Rs 210 per share, implying a downside potential of over 15 percent from the previous close.

Wipro shares crashed nearly 5 percent after the downgrade and were trading at Rs 235 apiece.

Jefferies on Mphasis

Jefferies downgraded the shares of Mphasis to 'Hold' from its earlier 'Buy' call. It slashed the stock's target price from Rs 3,250 per share to Rs 2,300 per share. This however implies an upside potential of over 6 percent from the stock's previous closing price.

Mphasis shares plunged nearly 4 percent to trade at Rs 2,083 apiece.

Jefferies on  Infosys, Coforge and Sagility

Although Jefferies had a 'Buy' call on the shares of Infosys, Coforge and Sagility, it cut the target prices them. The brokerage cut its target price for Infosys to Rs 1,700 apiece from the earlier Rs 1,835 per share. The latest target price implies an upside potential of nearly 19 percent from the stock’s previous closing price.

Coforge's target price was reduced from Rs 10,350 per share to Rs 7,860 per share, implying an upside potential of over 21 percent from previous closing price. Sagality's target price was cut from Rs 64 per share to Rs 48 per share, implying an upside potential of 23 percent.

Despite the buy call from the international brokerage, Infosys shares tumbled 3 percent on April 9 to trade at Rs 1,386 apiece. Mphasis shares were down over 4 percent while those of Sagility were trading nearly 1.5 percent lower.

The brokerage kept a 'Hold' call on HCL Tech shares, and reduced its target price from Rs 1,900 per share to Rs 1,520 per share. The stock fell over 2 percent to trade at Rs 1,371 per share.