Jefferies Cautious on IT: TCS Underperform, Infosys Hold

Jefferies has downgraded Tata Consultancy Services to underperform while maintaining a hold on Infosys following a $10 billion foreign portfolio investor outflow from the IT sector. The brokerage prefers energy, utilities, and real estate, naming Reliance Industries as a preferred energy stock. This shift reflects growing concerns about Indian IT companies amid foreign capital flight.