{"id":128715,"date":"2026-06-24T09:58:36","date_gmt":"2026-06-24T04:28:36","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=128715"},"modified":"2026-06-24T09:58:37","modified_gmt":"2026-06-24T04:28:37","slug":"nifty-it-index-today-jpmorgan-ai-disruption-june-24-2026","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/nifty-it-index-today-jpmorgan-ai-disruption-june-24-2026\/","title":{"rendered":"Nifty IT Rises Despite JPMorgan Warning of AI Disruption; Infosys, Tech Mahindra Gain, HCLTech and Wipro Lag"},"content":{"rendered":"
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Nifty IT: 27,283.55 (+1.0%, prev close 27,012). Infosys +1.7%, Tech Mahindra +2.9%. HCLTech +0.05%, Wipro -0.34%. JPMorgan bear case: 33-39% downside on zero-growth AI scenario.<\/em><\/p>\n

The Nifty IT<\/a> index is rising approximately 1% on June 24, trading at 27,283.55 against a previous close of 27,012.05, as the sector attempts a technical recovery after one of its steepest five-day declines in recent history. The Nifty IT index had fallen sharply from 30,000-plus levels in mid-June, driven by Accenture’s guidance cut that rattled global IT services sentiment. Today’s Nifty IT rebound comes despite a fresh JPMorgan research note warning that AI disruption could cause long-term revenue growth deceleration across Indian IT majors, with an extreme bearish scenario implying 33-39% downside for TCS, Infosys, and HCLTech. Within the index, the performance divergence is sharp: Tech Mahindra leads all gainers at +2.9%, Infosys gains +1.7%, and TCS rises +0.95%, while HCLTech is essentially flat at +0.05% and Wipro remains the lone decliner at -0.34%.<\/p>\n

The JPMorgan note adds a fresh dimension to the AI disruption debate around the Nifty IT sector. The brokerage outlined four scenarios for large Indian IT firms, noting that a reverse DCF analysis implies TCS, Infosys, and HCLTech are currently priced for 10-year revenue CAGRs of just 4%, 4%, and 5.6% respectively, well below the long-term average of 7-8%. Despite the warning, JPMorgan explicitly cautioned against excessive pessimism, saying it was “overly simplistic to assume that AI can automatically generate enterprise-grade software,” and describing IT services companies as the “plumbers in the tech world” whose integration and implementation role remains irreplaceable. The recovery today suggests the market is taking this nuanced view, treating the oversold conditions of the last five sessions as an opportunity. Kunal Singla, Associate Director at Univest notes that the performance today reflects selective buying in stocks that fell the hardest after the Accenture guidance shock, with the sector showing early signs of stabilisation at the 27,000 support zone.<\/p>\n

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