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The Nifty IT remains in the bear zone — which means more than 20 percent from its recent peak — with a majority of constituents except TCS and Infosys far from their highs. Experts say it may be a little longer before one can expect a comeback in the space.
A sharp overall recovery on Dalal Street in the past few weeks has brought the Nifty50 within four percent of its all-time high of October 2021, but one space still has a lot more ground to cover before participating in the market rally. Experts are divided over whether the pain in the Indian IT basket has maxed out or not.
The Nifty IT — whose 10 member stocks include TCS, Infosys, Wipro, Tech Mahindra and HCL Tech — has slumped 23.5 percent so far in 2022, sharply underperforming the Nifty50 benchmark.