Nifty IT index falls 11% in September as Infosys, Wipro hit 52-week lows

India's Nifty IT index fell over 11% in September 2026, sharply underperforming the Nifty 50's 6% decline, with major stocks like Infosys and Wipro hitting 52-week lows. The selloff stems from slowing global growth and high interest rates prompting clients to delay tech spending, while Generative AI automation disrupts traditional billing models. Brokerages expect another soft quarter for large IT firms, with growth forecasts of -0.5% to 2.6% quarter-on-quarter. Despite near-term caution, analysts see long-term strength in enterprise AI, cloud modernization, and cybersecurity. The Nifty IT index trades at roughly 16x forward earnings, with selective 'ADD' ratings on Tech Mahindra, TCS, and Infosys.