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Ahead of IT giant Tata Consultancy Services (TCS) Q1 earnings today (July 10, 2025), Nifty IT is the top loser. As of writing the copy at around 11:45 am, Nifty IT after hitting the day's low of 38,381.75- with a drag of over 1 per cent - was down 0.98 per cent.

IT stocks were dragged lower after the US-India trade deal didn't go through, even as the deadline for US tariffs ended yesterday.

Nevertheless, as the IT pack is largely expected to report muted Q1FY26 performance, the index trended lower. In the last two day's, the index has been trading in the red- with the loss at nearly 2 per cent in two-straight sessions. 

From the pack, all the 10 stocks traded in the red, with the top losers being Coforge, Oracle Financial Services (OFSS), Tech Mahindra and Mphasis among others - losing up to nearly 2 per cent.

Also Read: TCS Q1 results preview: Don’t rush to sell, say experts; watch these 3 key indicators

Furthermore, in the latest minutes from the June 17-18 meeting released Wednesday, the policymakers continued to keep a wait-and-see policy on future rate moves. In its last meeting, the FOMC maintained borrowing rate at 4.25-4.5 per cent.

“Most participants assessed that some reduction in the target range for the federal funds rate this year would likely be appropriate,” the minutes said, as officials saw tariff-induced inflation pressures as potentially “temporary and modest” while economic growth and hiring could weaken.

The uncertainty around the rate cut in the Federal Reserve, which could otherwise spur liquidity in the system- would propel deal wins from US-based clients.

Drumil Vithlani, Technical Research Analyst  at Bonanza Portfolio said, "the Nifty IT Index has been consolidating in a tight range for the past 20 trading sessions, following a breakout from an inverse head and shoulders pattern. The breakout level near 38,300 now acts as a crucial support zone."

From a stock-specific perspective, Tech Mahindra, HCL Technologies, and TCS are exhibiting weakness as they trade below their respective 50-day EMAs, indicating a negative bias. In contrast, Infosys and Wipro are showing relative strength within the sector. 

Going ahead, if the IT index manages to sustain above the 39,000 mark, Infosys and Wipro could emerge as key outperformers and should be closely tracked for potential upside opportunities​, he added.

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