Nifty IT rises 0.7% on June 24, Tech Mahindra leads
Business
On June 24, the Nifty IT index jumped 0.7%, beating the main Nifty 50's tiny gain of just 0.13%.
Tech Mahindra was the star with a 2.6% rise, while Infosys and Tata Consultancy Services also saw small bumps.
But HCLTech and Wipro didn't have a great day: they ended up as top losers on the Nifty 50.
JPMorgan downgrades HCLTech Wipro Tata Technologies
JPMorgan cut its ratings for HCLTech, Wipro, and Tata Technologies, citing worries about companies pouring more money into AI and cloud tech instead of traditional IT services.
The brokerage lowered target prices for these stocks and warned that this shift could slow future growth in India's IT sector, saying enterprise technology budgets are increasingly being redirected toward artificial intelligence and cloud investments.