10 Apr , 2026 By : Debdeep Gupta
Information technology stocks came under sharp selling pressure on Friday, snapping a six-session gaining streak, as investors rotated into financials and cyclical sectors amid a broader market rebound.
At 10:22 am, the Nifty IT index was down 2.4 percent, emerging as the top sectoral loser, even as benchmark indices traded firmly higher. The Sensex rose 812 points or 1.1 percent to 77,444, while the Nifty gained 242 points to 24,017.
The decline marks a reversal after a steady upmove in the IT pack, which had posted gains for six consecutive sessions, even as performance remained relatively muted compared to the broader market rally earlier this week.
Heavyweights led the fall on Friday. TCS dropped nearly 3 percent, Infosys fell over 3 percent, HCL Technologies declined more than 2 percent, and Tech Mahindra slipped around 1.7 percent, with four IT stocks featuring among the top losers on the Nifty. Mid-tier IT names also saw selling pressure, with LTIMindtree down about 2.6 percent.
The weakness in IT stocks comes even as the broader market witnessed strong buying, led by financials and domestic-facing sectors. Banking and financial stocks such as ICICI Bank, Axis Bank, Bajaj Finance and SBI rose 2-3 percent, while auto and realty indices also posted gains of around 1.5-2 percent.
Market participants said the latest decline reflects a shift in investor positioning, with capital moving away from export-oriented IT stocks towards sectors that are more directly linked to domestic growth and benefit from easing macro concerns.
Earlier this week, IT stocks had seen a rebound on expectations of better-than-anticipated March quarter earnings, supported by rupee depreciation and deal momentum. However, analysts have maintained a cautious near-term outlook for the sector, with investors awaiting earnings commentary for clearer direction.
The recent underperformance also follows a pattern seen over the past few sessions, where IT stocks lagged a sharp market rally driven by easing geopolitical tensions and a fall in crude oil prices, which boosted sentiment for rate-sensitive sectors.
0 Comment