IT Rout on Nifty50: TCS, Infosys, Wipro, HCL Tech Fall Up to 32% in 2 Years

• TCS, Infosys, Wipro, and HCL Technologies have seen significant declines, with TCS falling over 32% in two years.
• Tech Mahindra is the sole exception among Nifty50 IT constituents, gaining 19% in the same period.
• Market experts advise caution due to concerns over lower discretionary spending and AI's disruptive impact on business models.
• The Nifty IT index breached its 200-day exponential moving average, indicating a trend change and volume-based selling.
• ICICI Bank and State Bank of India surpassed TCS in market capitalization amid the broader AI-led tech selloff.