Persistent Systems shares fell 3.83% to Rs 5,504.50 in early trade on Thursday, mirroring weakness across global and Indian IT stocks after softer US macroeconomic data dented sentiment.
The decline follows a sharp sell-off in global software names, triggered by weaker-than-expected US retail sales data. The numbers raised concerns about slowing consumer demand in the United States, which remains the largest revenue-generating market for Indian IT services companies. Investors are also cautious ahead of key US jobs data, adding to volatility in technology stocks worldwide.
Global software stocks under pressure
Several major global and Indian IT stocks witnessed notable declines:
- Infosys ADR fell 5%
- Wipro declined 4.4%
- Globant dropped 7.5%
- EPAM slipped 7%
- Accenture fell 4.3%
- Cognizant declined 4.9%
The broad-based fall indicates sector-wide macro concerns rather than any company-specific trigger for Persistent Systems.
Why US trends matter for Persistent
Persistent Systems derives a significant portion of its revenue from North America, particularly from enterprise technology spending across BFSI, healthcare, and technology clients. Any signs of slowing US consumption or tighter corporate budgets typically lead to reduced growth expectations for IT services firms.
As global risk sentiment turns cautious and technology stocks face renewed pressure, Indian mid-cap IT names like Persistent Systems are also seeing selling activity.
