Wipro, TCS drag Nifty IT 2% lower after Nasdaq crash, AI selloff

Indian IT stocks faced heavy selling pressure on June 8, 2026, as the Nifty IT index declined 2% to 28,417.70 after opening at 29,010.30. The drop followed a steep Nasdaq correction, with technology and AI-linked stocks underperforming amid fears the AI-driven rally may be weakening. Wipro led losses, falling nearly 6% to ₹187.01, close to its 52-week low of ₹186.50, while TCS dropped 2.4% to ₹2,144.10. Other major IT firms like Infosys, HCL Tech, Persistent Systems, and Coforge also traded lower, with Tech Mahindra the sole gainer. The selloff mirrored global trends after a 5% Nasdaq crash on June 5, triggered by semiconductor declines and a strong US jobs report raising expectations of Federal Reserve rate hikes. Broadcom’s disappointing AI revenue guidance further eroded confidence, wiping out $1.4 trillion in S&P 500 value. By mid-morning, the Nifty IT index recovered slightly, trading flat, while broader indices like the Sensex and Nifty 50 also rebounded from early losses. Analysts warned that cooling AI sentiment could impact Indian IT firms, which have benefited from global AI spending. Devarsh Vakil of HDFC Securities attributed the rout to semiconductor losses, including Nvidia and Micron, and concerns over prolonged high interest rates. Market participants highlighted stretched valuations in AI-related stocks as a key risk factor.