The big four IT firms—Tata Consultancy Services (TCS), Infosys, HCL Technologies (HCL Tech) and Wipro—posted predictably subdued results in Q2FY24. The trend reflects the persistent unfavourable market conditions over the past few quarters. Cutbacks in discretionary spending, project ramp-downs, and decision-making delays have left these IT powerhouses and once-darlings of the stock market facing a challenging landscape.