“Bearish on the Nifty IT index in the near-term, noting its 20% underperformance against the broader Indian market since January 1 due to P/E derating linked to AI obsolescence fears. While believing the long-term market for Indian IT will expand, near-term growth is expected to remain weak as investors focus on AI and macro risks.”

Nomura Analysis’s track record: 3 graded calls · 95% CI 6–79%