The Nifty IT index dropped 3.9%, against the 0.8% decline in the benchmark Nifty. Persistent Systems, Coforge, Infosys, LTM (erstwhile LTIMindtree) and MphasiS fell between 3% and 5%.

“The sell-off was triggered by HCL Technologies’ weak Q4 performance and subdued guidance, but the broader driver remains poor demand visibility across the sector,” said Harsh Thakkar, research analyst at Samco Securities. “Slower discretionary spending, delayed deal conversions, and limited near-term AI monetisation are weighing on growth expectations.”

HCL’s share slump is the sharpest among peers in the fourth quarter results season as the earnings of TCS, Wipro and Tech Mahindra have been resilient so far. The earnings miss at HCL was largely because of client-specific challenges, particularly in telecom, said Sushovon Nayak, research analyst at Anand Rathi Institutional Equities.

“Tech Mahindra, which derives nearly a third of its revenues from telecom, reported a relatively strong performance,” he said. “The focus now shifts to Infosys’ earnings for further cues.”

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focus shifts to infosys While HCL Tech had a weak quarter, TechM did relatively well; Sector weakness offers a chance to buy some beaten-down stocks, say analysts

Infosys is set to announce its fourth quarter number on Thursday.
HCL’s investor popularity compared to its peers went against its shares on Wednesday.”HCL Technologies was trading at a valuation premium to larger peers Tata Consultancy Services and Infosys, but has delivered weaker growth relative to them,” said Sumit Pokharna, vice-president, Fundamental Research, at Kotak Securities.

“Management highlighted slower deal activity amid geopolitical uncertainty, alongside price deflation or reduced deal sizes, as clients prioritise efficiency and cost optimisation, driven by AI adoption. The extent to which these trends impact the broader industry remains to be seen.”

IT stocks have been under pressure since the beginning of 2026 as worries about AI replacing traditional software products, especially after Anthropic announced advanced tools, sparked a sell-off in the sector worldwide.

So far this year, the Nifty IT index is down 19.5%, with all its components down 8-26%, except for Oracle Financial Services Software, which gained 5.7%. The Nifty shed 6.8% in this period.

Buy on Dips?
The weakness may be an opportunity to buy some of the beaten-down stocks in the sector.

“For medium to long-term investors, the sector is offering accumulation opportunities on dips,” said Dhanshree Jadhav, analyst – Technology at Choice Institutional Equities. She prefers midcap IT companies over large caps.

Nayak prefers LTM and Infosys in large caps, and Persistent Systems and Mphasis in midcaps.

“While the industry may continue to face revenue pressures over the next year, selective opportunities and new revenue streams could offer some support,” he said.

Pokharna prefers Infosys, TCS, and Tech Mahindra over HCL.

Investors bullish on IT stocks must, however, brace for sharp swings.

“Volatility is likely to persist over the next few quarters as earnings remain range-bound and sentiment stays guidance-driven,” said Thakkar of Samco.

“Investors should avoid aggressive buying and instead adopt a staggered approach, focusing on quality companies, while remaining cautious on those with limited earnings visibility until a clearer demand recovery emerges.”

Sharing his perspective, market expert Anand Tandon noted that the pace of the rebound has been unexpectedly fast. “Not a whole lot. The market has had a rocking recovery, much faster than at least I expected and perhaps some of the people in the market. At this point of time, you need to kind of hold back a bit and see where it goes from here because it has reached back to levels where it was before we had the geopolitical issues in West Asia, and those have not been sorted out, whereas the market clearly thinks that they have.”

FMCG Gains, But Valuation Questions Remain
The fast-moving consumer goods (FMCG) sector has recently seen renewed investor interest, largely driven by strong earnings from major players. However, the optimism may be tempered by valuation concerns.“Obviously, the numbers have been good. But if you look at the overall growth, we are still looking at 12% odd growth year on year. So, it is not exactly performance which is going to do a blowout. Now, the forecast obviously is a lot better. You are looking at perhaps more than 20% growth in the year ahead. But you have a company which still trades upwards of 40 PE, so it is not exactly cheap. I mean, there is a small company which trades somewhere in the world called Nvidia, which trades at 17 PE and grows at 50%.”

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While consumption-driven sectors have shown resilience, questions remain about whether current growth levels are enough to justify elevated market multiples.
Earnings Growth: Hopeful, Yet Uneven
Looking ahead, the outlook for corporate earnings appears mixed. The current quarter may benefit from favourable base effects, but uncertainties loom over the near-term horizon.“So, I was saying that the consumer sector will probably show good numbers for this quarter. The challenge will be in the current quarter, in Q1 for the next year, where some of the impact of the war, etc., will come through, so that is going to be a bit of a challenge. In the current quarter, probably the fact that you have at least the initial numbers from FMCG, etc., gives you some hope that you will probably find decent growth there on a year-on-year basis. Whether that is enough for it to fire up the imagination of investors is a different story because, like I said, it is not as if it is exactly cheap.”

He also pointed to a broader concern weighing on markets: subdued earnings growth relative to valuations.

“Frankly, we have got an overhang on the market, which is that the Nifty continues to show very tepid earnings growth and the valuation continues to remain on the higher end of the valuation curve, both from the historic point of view as well as from the fact that relative to our other emerging markets, there is still a lot of the emerging markets which, despite having gone up much higher, are still trading cheaper and continue to show more robust earnings growth than we have.”

Defence: Long-Term Opportunity, Short-Term Constraints
The defence sector remains an area of structural interest, though challenges persist in domestic manufacturing capabilities.

“Defence is definitely one of the few places where you can expect to see consistent growth. But unfortunately, we are still some distance away from having companies which are actually making stuff in India in a meaningful way. HAL has made a lot of planes which do not have engines, and that is the kind of key problem that Indian defence faces—that when it comes to serious technology, we are still floundering.”

He further highlighted gaps in emerging segments like drones.

“We have more than 200 companies which have announced plans to come up with drones. There is only one serious company which can actually create defence-quality drones so far. So, most of the numbers that you will see are actually being spent overseas even today. So, still early days yet, and the valuations are already skyrocketing, but that said, it is certainly an area which not only in India but globally will continue to remain investor-friendly.”

Banking Sector: Stability with Caution
Private sector banks continue to be viewed as relatively stable bets within the financial space, supported by strong balance sheets and better liability profiles.

“They are reasonably well positioned and relatively cheap. You have to, of course, keep in mind the fact that we are probably at the best end of the cycle. You have a situation where the balance sheets are the cleanest, NPAs are the lowest, and therefore the only pressure really is on the NIM and the ability to raise more deposits.”

“To that extent, private banks have an edge over the public sector banks because their liability profiles are much better and they are able to get more retail customers. So, generally positive from that sector, and given its weight in the index, at a portfolio level there is no reason why you should not be having them.”

Beyond banks, Tandon expressed a preference for life insurance businesses as long-term plays.

“Banks are an obvious choice, but otherwise the asset side of the business is also looking good. I personally prefer life insurance companies. You have to look past quarterly ups and downs—that is a long-term kind of call that one is making—and therefore, again, the likes of SBI Life or ICICI Pru are companies that can do well.”

Power and Batteries: A Structural Growth Theme
The energy transition story, particularly around batteries and renewable infrastructure, is gaining traction. However, execution challenges remain.

“From an Indian perspective, the fact is that there will be a large demand for batteries going forward, especially for renewable power. Now the government has kind of mandated that all new capacities that come up have to have battery backups. The only question is what technology to use and where you are going to get it from and how dependent you are on China for any of those.”

When it comes to the broader power value chain, transmission emerges as a preferred segment.

“So clearly, batteries, renewable is one theme which is going to do quite well. More than generation, I prefer transmission. You have generation capacity which will have a kind of fixed upside, whereas transmission can continue to grow. We need a lot more transmission, and therefore all suppliers to transmission companies will continue to see fairly robust performances, at least in terms of the order book.”

However, rising input costs could weigh on near-term profitability.

“The challenge, however, is that you will have fairly high commodity prices in terms of the inputs. So, you may find that the near-term performance for some of these suppliers at least may become a little weaker in the next few months.”

The Road Ahead
While pockets of opportunity remain across sectors, the broader message is one of cautious optimism. Strong rallies have priced in much of the near-term good news, leaving little margin for error.

Investors, it seems, may need to balance growth expectations with valuation discipline as markets navigate an uncertain global and domestic landscape.

Hestia Invest Introduces Next-Generation Agile Software Delivery Model to Accelerate Global Digital Transformation. 

Summary: Hestia Invest, a UK-based software development and outsourcing company, has announced the introduction of a new era of agile software delivery, marking a strategic advancement in how the organization designs, develops, and deploys digital solutions. 

To address the latest innovation, Hestia announces next-generation agile software delivery model to enhance scalable software development. The company aims to improve responsiveness, enhance collaboration, and deliver scalable software solutions that align with rapidly evolving business requirements.

The company designed a new era of agile software delivery to enhance flexibility while maintaining high levels of performance and reliability. By adopting more iterative development cycles and refining feedback loops, the company enables faster adjustments to changing project requirements. This approach supports more efficient delivery timelines while ensuring that solutions remain aligned with client objectives.

A central component of this transformation is the operational framework developed by Hestia Invest, which emphasizes consistency, security, and performance in software engineering. This framework allows distributed teams to collaborate effectively while maintaining alignment with defined development standards. By integrating agile principles into this structure, the company is able to balance speed with quality across all development activities. The agile delivery model incorporates advanced engineering practices that support continuous integration and continuous delivery. These practices enable teams to release incremental updates more frequently, reducing the risk of large-scale disruptions and improving overall system stability. The company’s approach allows it to deliver software solutions that evolve alongside client needs.

In addition to technical enhancements, the initiative emphasizes improved collaboration across global teams. By refining communication channels and adopting agile project management tools, Hestia ensures that all team members remain aligned throughout the development lifecycle. This alignment reduces delays and supports more efficient coordination across distributed environments.

The company has also focused on modern infrastructure to support this transition. Cloud-based environments and advanced development tools enable teams to work more efficiently and scale resources as needed. These technologies facilitate seamless collaboration and support the rapid deployment of software updates. At its core, performance optimization at Hestia Invest emphasizes efficient resource utilization, reduced latency, and consistent system responsiveness. These practices ensure that software solutions maintain high performance even as they are updated and expanded over time.

Moreover, the company prioritizes security considerations which are fully integrated into the agile framework. By incorporating robust security protocols at every stage of development to protect data integrity, the company ensures compliance with regulatory requirements. This integrated approach allows the company to deliver solutions that are both flexible and secure, meeting the needs of modern enterprises. The company’s expanded capabilities enable it to support a wide range of software solutions, including web applications, mobile platforms, enterprise systems, and software-as-a-service offerings. By maintaining flexibility in its service portfolio, the company is able to address diverse client requirements while ensuring consistent delivery performance.

Hestia’s agile delivery model also supports long-term operational efficiency for its clients. By enabling more frequent updates and faster response times, businesses can adapt more effectively to evolving market conditions. This capability is particularly valuable in industries where rapid innovation is essential for maintaining competitiveness.

Furthermore, as part of its ongoing development strategy, Hestia Invest continues to invest in talent, technology, and infrastructure to support further improvements in agile software delivery. These investments ensure that the company remains well-positioned to meet the demands of a dynamic global software market.

About Hestia Invest:

Since its founding in 2012, Hestia has built a reputation for delivering secure and customized software through a global network of highly skilled engineers. The company’s operational model is based on structured workflows, consistent quality standards, and continuous optimization. With the launch of this agile-focused approach, Hestia aims to further streamline its development processes and improve adaptability across all project stages.

Looking ahead, Hestia plans to refine its agile methodologies and expand its capabilities in line with emerging technological trends. The foundation provided by Hestia Invest will continue to guide these efforts, ensuring that the company maintains a strong focus on performance, security, and operational excellence.

No buyer could be found for the business following the loss of its biggest contract

A struggling Merseyside automotive components manufacturer has entered administration after efforts to find a buyer proved unsuccessful following the collapse of its largest contract.

Surface Transforms, headquartered on the Knowsley Industrial Estate, revealed in March that it had lost a deal with General Motors which accounted for approximately 84% of its revenues. The business, which specialises in manufacturing carbon-ceramic brake discs for supercars, has subsequently lodged three court notices to shield itself from creditors while consultants attempted to rescue or sell the operation, with scores of employees already having lost their jobs.

However, on Wednesday evening the firm – which at its peak had a workforce of around 170 people – confirmed that administrators have now been brought in after negotiations failed to reach a viable agreement. Four of the company’s directors have also stepped down with immediate effect.

Financial advisory firm Alvarez and Marsal had been brought on board to conduct a strategic review of Surface Transforms. In a statement issued to the stock exchange, Surface Transforms said Alvarez and Marsal had “engaged with a number of interested parties regarding a potential offer for the business and assets of the company, and/or making a potential offer for the entire issued and to be issued ordinary share capital of the company.

“However, no committed offer for the business and assets of the company or committed offer for the ordinary share capital of the company has been received. Accordingly, the company has terminated discussions with all parties in relation to the strategic review and formal sale process.”

Surface Transforms had also brought in Zeus Capital to explore whether an equity finance solution might rescue the business, but the company’s board concluded that such an approach “was not deliverable”, reports the Liverpool Echo.

Michael John Magnay, Jonathan Charles Marston and Joanna Bull of Alvarez and Marsal have now been appointed joint administrators of Surface Transforms. The company’s statement warned: “It is not expected that the administration process will result in any returns to shareholders.”

Ian Cleminson, Julia Woodhouse, Mathew Taylor and Paul Marr have stepped down as directors of Surface Transforms with immediate effect.

The development marks the latest devastating setback for a firm that was once championed as a beacon for the Liverpool City Region and lauded as a “world class manufacturer” by Metro Mayor Steve Rotheram.

In 2023 the city region’s combined authority extended a loan of more than £13m to support the firm’s expansion and job creation plans. Surface Transforms’ 2024 accounts revealed the firm had borrowed £5.1m of the £13.2m facility available that year. However, it noted that “drawdowns have continued into 2025, and the company expects the full £13.2m facility to be fully utilised by the end of the year (2025).” The region’s Combined Authority has recently said it was in dialogue with the business to “fully understand the current situation.”

The ECHO has spoken to a number of Surface Transforms employees who had either been laid off or made redundant by the struggling firm.

One worker, who lost their job through redundancy, painted a distressing picture of recent weeks at the company, saying: “You had people begging to stay.. It was horrible to see – people who expected to stay because they’d been there years.

“I’ve never ever known anything like it. I’m glad I got made redundant.”

The firm’s shares remain suspended from trading on London’s Alternative Investment Market.

A 28-year-old tourist has been charged for causing damage to the Fountain of Neptune in Florence in an alleged pre-wedding prank.

The cost of the damages has been put at €5,000, which is around $5,847.

Tourist Charged for Damaging Fountain of Neptune

According to a report by The Guardian, the tourist allegedly climbed the Fountain of Neptune to touch its genitals as part of a pre-wedding prank. The nationality of the tourist has not been disclosed.

Authorities spotted her quickly and removed her from the fountain, which is located in Piazza della Signoria. Per Florence’s city council, the tourist said she was dared by her friends to perform the act.

The city council noted that her actions “minor but significant damage to both the legs of the horses she had walked on and to the frieze she held on to in order to avoid slipping.”

Not the First Time Damage Was Caused to Fountain

This most recent incident is not the first time that a tourist has caused damage to the Fountain of Neptune.

Two years ago, a German tourist was detained after causing €5,000-worth of damage to the fountain. The then-22-year-old tourist had allegedly stood on the fountain while friends took photos from the other side of the barrier.

“According to the investigators’ reconstruction, after 1 o’clock this morning the tourist, in Piazza della Signoria with two other friends, climbed over the fence of the Neptune Fountain and climbed onto the edge of the pool,” the city of Florence said in a statement at that time, according to CNN.

“With a jump he then climbed onto the horse’s leg, reaching the base of the carriage and, after having some photos taken by his friends, he climbed down,” the statement continued. “During the descent he placed his foot again on the hoof, damaging it. As soon as the alarm went off, however, the young man had already managed to escape with the two others,” it added.”

Originally published on Travelers Today

Brent crude averaged around $81 per barrel in the March 2026 quarter, up nearly 28% sequentially, boosting net crude realisations for producers. Nomura Financial Advisory and Securities expects Ebitda for ONGC and Oil India to increase 23% and 49% respectively from the previous quarter. Upstream companies are expected to register marginal declines in oil and gas production and sales volumes, mainly due to natural field decline and maintenance shutdowns. However, this will be more than offset by higher crude prices.

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SIEGE OF HORMUZ Rising crude prices to benefit producers, shrink margins of marketers

OMCs such as Indian Oil Corporation (IOCL), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) are expected to register sequential earnings pressure due to lower product realisations as fuel prices remained stable despite a spike in crude prices. The weighted average gross marketing margins on auto-fuel dropped sharply to about ‘1.7 per litre in the March quarter from ‘5.2 per litre in December quarter. It was also well below the historical average of around ‘3.5 per litre, noted JM Financial Institutional Securities in a report.

LPG under-recoveries for OMCs are likely to rise quarter-on-quarter to around ‘10,000 crore in the March quarter from about ‘1,900 crore in the prior quarter on account of a sharp rise in global LPG prices due to the ongoing supply disruption due to war in West Asia.

Kotak Institutional Equities expects HPCL’s Ebitda to fall 51% quarter-on-quarter in the March quarter, while BPCL and IOC are likely to report declines of 28% and 22%, respectively.

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Brokerages expect the earnings of oil-to-chemical segment of Reliance Industries to decline by higher crude cost, rise in shipment and insurance cost, losses in the retail fuel segment, diversion of propane to produce LPG, and increase in prices of Naphtha, a major feedstock.
Gas utilities and city gas distribution (CGD) companies are expected to report a soft quarter hit by LNG supply disruptions through the Strait of Hormuz, higher spot LNG prices and rupee depreciation. India’s overall gas demand in the March quarter is estimated to have declined around 10% sequentially, as LNG imports were disrupted. This weighed on volumes and profitability across the gas value chain. GAIL’s Ebitda is expected to drop 12-38% sequentially, led by weaker gas trading margins, lower transmission volume and losses in petrochemicals.

IT Sector: Lingering Uncertainty Amid AI Disruption

When asked whether it is still wise to stay away from IT stocks, Mehta did not mince words.

“Yes, absolutely. I think that there is still a lot of confusion around AI disruption and especially largecap IT stocks seem to be most vulnerable because of the scale. The base effect is a negative and clearly their demand is driven by multi-year multi-billion dollar contracts, so that is becoming more and more scarce for them and I suspect they are facing pricing pressure as well. But midcap IT companies, they may be able to manage the AI disruption far better. We like the numbers which came through from Persistent Systems and Tata Elxsi, both smaller companies with greater client concentration, which was earlier a risk factor but now may be a bit of a benefit for these companies. So, we need to be a bit selective when it comes to software services companies and especially largecap IT services. I do not know how they are going to manage this particular phase in the industry.”

His comments underline a structural shift in the sector, where scale—once a strength—may now pose challenges in adapting quickly to AI-led disruption.

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Trent: Strong Momentum, But Valuation Concerns Persist
On the retail front, the conversation turned to Trent, a stock that has seen extended underperformance in the past but is now showing signs of revival. However, Mehta remains cautious.
“No, I think that even their pre-quarter release was quite positive and maybe it is going into a slightly higher growth rate, but still valuations remain quite expensive and my sense is that the company’s return should be in line with the earnings growth. So, around 15% to 20% or thereabout is what can be expected. But look, this entire war and the effect of artificial intelligence on the software services companies, that is going to have an impact on disposable and discretionary spending. So, while the March quarter may be fine, we may see some chinks coming in the June quarter. “So, on the entire consumption theme also one should be a bit cautious or at least reduce your expectations. So, I think that while the momentum is good in Trent, of course, the bonus issue certainly has helped lift the sentiment, but then considering the risk return profile, considering its expensive valuation, I would not want to put more investment into Trent. Having said that, it is a company in which we are invested in, so I would keep the same stance: remain invested, lower your expectations, expect returns in line with what the kind of earnings growth are, but I would not want to buy it at these levels considering the kind of valuations it is trading at,” he added.

The takeaway: existing investors may hold, but fresh entries at current valuations could be risky.

Cooling Stocks: A Seasonal Opportunity
Shifting gears to summer-driven demand, Mehta pointed to a potential opportunity in cooling solutions, driven by rising temperatures.

“It is going to be a very hot summer. So, while you are perspiring inside, you may take relief in the fact that if you have got a play on some of the air conditioning or the air cooling companies, then that may just make managing summer a little bit more palatable. One company comes to mind, usual disclosures of course, is Symphony, which is India’s largest air cooling company and it has been having a torrid time for the last few quarters or so, and clearly because of changing weather patterns and poor monsoon, the performance has been pretty stagnant for the last several quarters…”

While the sector has faced headwinds, seasonal demand could offer a near-term tailwind.

The Broader Picture
Across sectors, Mehta’s message is consistent: be selective, manage expectations, and stay mindful of macro shifts—from AI disruption to changing consumption patterns. In a market that is increasingly nuanced, broad-based optimism may give way to stock-specific strategies.