Infosys and Wipro Shares Drop Amid Sector-Wide Pressure

Infosys and Wipro shares fell by 3.2% and 2.6%, respectively, on March 20, continuing a downward trend in the IT sector. The decline is attributed to macroeconomic concerns, including fears of a US recession and uncertainty surrounding Federal Reserve policy rates. Morgan Stanley's recent downgrade of Infosys to "Equal Weight" further dampened investor sentiment, citing weaker deal wins and valuation risks. Wipro's restructuring efforts and leadership changes have also contributed to its stock's underperformance, with a 15% drop in the past month. Analysts suggest cautious optimism for long-term investors amid bearish near-term trends in the IT sector.

Source: Business Today, Financial Express, Outlook Money