You are absolutely bang on target. Big ticket banks have come under pressure and the IT companies have played the safe-haven game. As a result, weightage of IT sector in Nifty touched a 5-year high of 15%. Since the beginning of 2020, NSE IT index is up by 6.5% as against a 6.6% correction in Nifty diversified portfolio leading to this weight gain.

In a tough domestic market, Stocks like TCS, Infosys and Wipro have been classic defensive plays. Most of the private banks and PSBs have come under pressure as have the financials, due to EMI moratorium lifting concerns. IT had a weightage of just 12.3% in December 2019. Today, tech stocks have a combined market cap of Rs.15,90,000 crore led by TCS and Infy.