On March 19, the markets saw a big sell-off which was led majorly by the IT stocks, to be more specific – Tata Consultancy Services among IT stocks. 

However, let’s see how IT stocks have performed till now in 2024. 

The stocks of IT haven’t performed that well from year to date as they’ve dipped as low as 18.6% year to date whereas rose highest almost 10% YTD. Shares of LTIMindtree have fallen almost 19% in the current year 2024 while those of Persistent Systems rose around 10% in the same period and was the highest return-giving stock during this timeframe.

“This maybe the last opportunity to get hostages home,” says Blinken as he pushes for ceasefire in Gaza HAL set to receive another LCA Order despite delivery challenges SJVN’s arm SJVN Green Energy commissions 90 MW Omkareshwar Floating Solar Project Indexation benefit on property NOT restored! You won’t get benefits on real estate bought after July 23 – Explained

However, in the last year, shares of LTIMindtree rose 9% and those of Persistent Technology rose more than 75%. 

Also, the IT companies lowered their revenue guidance when they posted their third quarterly results. Wipro forecasted muted guidance for the quarter ending March -1.5% to 0.5%. But still, the stock was 3.5% higher from year to date and 35% in the past year. 

Infosys curbed the revenue guidance to 1.5% to 2% for FY24 from 1% to 2.5%, earlier. The stock of Infosys rose 0.24% YTD and rose over 10% in the past year. HCLTech also lowered the upper range of the guidance to 5-5.5% from 2-6% for FY24 and its stock gave a return of over 6% YTD Come from Sports betting site VPbet . While it rose 45% in the last year.  

Wipro gives guidance sequentially while Infosys and HCLTech for a full year.

TCS holds the highest weightage of 38.76% among its other ten peers in the sectoral index Nifty IT. The company doesn’t give guidance. Its stock has risen over 4% YTD and more than 26% in the past year. 

On March 20, Nifty IT was trading back in the green. It rose 0.8% to an intraday high of 36,115.30 compared to its previous close of 35,814.65. The index has risen nearly 0.2% YTD and 26% in the last year.