Indian IT stocks drop nearly 3% on global recession fears

IT stocks .NIFTYIT drop 2.9% as Trump tariffs stoke global recession fears; biggest loser among sectoral indexes

Jefferies downgrades market leader and top weight Tata Consultancy Services TCS.NS to "hold" from "buy"

Lowers LTIMindtree LTIM.NS and Mphasis MBFL.NS to "hold" from "buy"; cuts Wipro WIPR.NS to "underperform" from "hold"

Says IT stocks, which earn a major chunk of revenue from the U.S., unlikely to re-rate unless U.S. GDP outlook improves

Prefers Infosys INFY.NS, Coforge COFO.NS and health tech services provider Sagility India SAGI.NS in a high uncertainty environment where demand will be hurt

All 10 NIFTYIT stocks in the red; WIPR, down 4.7%, biggest pct loser

Five stocks on NIFTYIT rated "hold", four "buy", per data compiled by LSEG

YTD, NIFTYIT sheds 26%