Jefferies Cautious On IT: TCS Rated Underperform, Infosys Hold After $10 Billion FPI Outflow
Jefferies rate stocks including Tata Consultancy, Infosys and Reliance Industries.
· NDTV Profit
The brokerage favours energy, utilities and real estate, with Reliance Industries among its preferred energy stocks.
The analysis
Where the names start from: Tata Consultancy (TCS) is 26% below its 52-week high, +1.3% over three months; Reliance Industries is 27% below its 52-week high, -8.5% over three months; Infosys is 32% below its 52-week high, -0.8% over three months. A rating is set against the price on the day the note is written, so how far a stock has already run is the part of the case the headline upside leaves out.
This is an Index / institutional flows event. Passive and institutional flows move price independently of fundamentals, and around rebalancing dates they dominate it. On the day the stock is +0.7%, so the price barely moved, which suggests this was expected or is seen as immaterial.
Why it matters
- Sustained FII or DII direction moves the whole market, not just the names being bought — it sets the tape's tone.
Market context
- Brokerage calls from Jefferies, with ratings on the stocks named. The stocks: Tata Consultancy (TCS), Infosys and Reliance Industries.
- On the day, 3 of 3 are higher: Infosys leads at +2.1% and Tata Consultancy (TCS) trails at +0.7%.
- Over three months: Tata Consultancy (TCS) +1.3% against IT -2.3% (3.6 points ahead); Infosys -0.8% against IT -2.3% (1.5 points ahead); Reliance Industries -8.5% against Oil & Energy -5.1% (3.4 points behind).
- At least 25% below the 52-week high: Tata Consultancy (TCS) (26%), Infosys (32%) and Reliance Industries (27%).
| Company | Price | Day | 1M | 3M | From 52-wk high | Volume vs 20-day | Market cap |
|---|---|---|---|---|---|---|---|
| Tata Consultancy (TCS)TCS · IT | ₹2,478.00 | +0.7% | +21.9% | +1.3% | -25.5% | 0.6× | — |
| InfosysINFY · IT | ₹1,146.50 | +2.1% | +12.9% | -0.8% | -32.2% | 0.9× | — |
| Reliance IndustriesRELIANCE · Oil & Energy | ₹1,167.40 | +0.8% | -1.2% | -8.5% | -26.7% | 1.4× | — |
IT
1M +7.3% · 3M -2.3%
Tata Consultancy (TCS), Infosys
Oil & Energy
1M -3.8% · 3M -5.1%
Reliance Industries
Real Estate
1M -5.4% · 3M -13.8%
Prices as of 29 Oct 2026, 16:11 IST. Sector moves are the average of the stocks we track in each sector.
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