HCLTECH

Weak quarterly earnings dragged IT stocks lower in Wednesday’s morning session. According to NSE data, the Nifty IT index dropped 2.88% to 30,816.10. HCL Technologies was the biggest laggard among frontline IT names, falling 8.90% to ₹1,312.90 after announcing its results a day earlier. The company reported lower-than-expected fourth-quarter revenue and profit, as clients curtailed technology spending amid ongoing geopolitical uncertainties. It posted a 4% year-on-year increase in consolidated net profit to ₹4,488 crore for the quarter ended March 31, 2026, missing analyst expectations. Similarly, Persistent Systems declined 4.32% to ₹5,099.80 following softer March quarter earnings. Brokerage firms reacted negatively to its Q4FY26 performance, which came in slightly below estimates across key metrics.