Infosys, TCS tumble up to 27% as IT meltdown drags Nifty vs global peers. Where's the heartbeat index headed?

Sector Performance - The IT sector accounts for 9.91% of the Nifty's total weight, with Infosys at 4.53% and TCS at 2.65% [1] - Over the past year, Infosys shares have fallen 18%, while TCS has declined 27% [1] - HCL Technologies, Wipro, and Tech Mahindra have also seen declines of 16%, 16%, and 17%, respectively [1] - The power sector, with a weight of 2.27% in the Nifty, has also underperformed, with constituents like Power Grid Corporation, NTPC, and Coal India declining 19%, 17%, and 9% respectively [1] Financial Sector - Financials hold the largest weight in the Nifty at 36.33%, yielding up to 48% returns [8] - Bajaj Finance leads the financial sector, followed by SBI Life Insurance Company at 28% [8] - HDFC Bank, with a weight of 12.78%, returned 12%, while ICICI Bank and State Bank of India outperformed the index with returns of 12% and 7% respectively [8] Auto and FMCG Sectors - Tata Motors has seen a significant decline of 49%, making it the worst-performing Nifty stock, while Bajaj Auto has dropped 10% [4] - In the FMCG sector, ITC has fallen 15% and Hindustan Unilever is down nearly 3% [5] Healthcare Sector - Healthcare stocks have had mixed performance, with Sun Pharmaceuticals, Dr Reddy's Laboratories, and Cipla slipping up to 6% [6] - Conversely, Max Healthcare and Apollo Hospitals have shown positive returns, with Max up 7% and Apollo up 5% [6] Metals and Capital Goods - In the metals sector, Tata Steel, JSW Steel, Hindalco Industries, and Grasim Industries have rallied between 25% and 10%, while Adani Enterprises has declined 18% [9] - Bharat Electronics from the capital goods space has delivered a notable 43% return [10] Market Outlook - A constructive outlook for the Nifty is expected, with a potential range of 5-7% movement [11][16] - The IT sector may benefit from improving global tech spending and margin stability, while the energy sector is supported by resilient demand and easing input costs [12][16] - Renewed foreign institutional investor interest is anticipated in fundamentally strong and reasonably valued companies [13][16]