TCS, Wipro, other IT stocks rebound up to 6%, snapping 8-day losing streak. Why is Jefferies cautious?
Tata Consultancy moved higher in a quarterly results development.
30 Sept 2026 · Economic Times Markets, ET Stocks
IT stocks rebounded on Wednesday, with TCS, Wipro and Coforge snapping an eight-session losing streak. The Nifty IT index rose nearly 3%, aided by a stronger US dollar and higher US bond yields, though brokerages remain cautious ahead of the Q2 earnings season.
The analysis
Tata Consultancy reported movement of 6% and 3%. Those are the figures as filed — what moves the price is how they sit against what the market already expected, not their absolute size.
Against that, the stock is -0.6% on the day at ₹2,087.30, and has returned -0.6% over three months. It sits 37% below its 52-week high, which means a good deal of bad news was already in the price. The it sector has moved -3.2% over the same period, so Tata Consultancy is running 2.6 points ahead of its peers.
For Tata Consultancy, the question is how much of this is already reflected in the price and how much re-rates the it peer set alongside it.
Why it matters
- Earnings versus expectations is what actually re-rates a stock; the surprise matters more than the absolute number.
Market context
- The company directly in focus is TCS.
- Sector exposure: IT.
In this story
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