JPMorgan turns cautious on IT, sees growth headwinds ahead

JPMorgan has turned cautious on the Indian IT sector, downgrading HCL Technologies, Tata Technologies, and Wipro to underweight. The brokerage expects further cuts in FY27 revenue growth estimates, citing a softer start to the year, delays in deal closures, and weakness likely spilling into Q2FY27. JPMorgan's top picks in the sector remain TCS, Infosys, Tech Mahindra, Coforge, Persistent, and Sagility.