Stock Market

Nifty Index Update: Shares of IT Companies Trade Weak; TCS Reports Double-digit Annual Rise In Its Revenue

Shares of information technology (IT) organizations in the Nifty index are exchanging feeble for the second day in a row in front of Tata Consultancy Services (TCS) September quarter (Q2FY19) financial outcomes due later in the day. At 09:39 am; Nifty IT index was down 3.3 percent at 14,648 when contrasted with 2.6 percent decrease in the Nifty 50 index. The IT list failed 5 percent in past two exchanging days against 1.2 percent fall in the benchmark index.

On the other side, the OFSS stock is marginally higher on the index. The IT index tanked 5 percent in the previous two exchanging days against the 1.2 percent fall in the benchmark list.

IT major Tata Consultancy Services will be the main Nifty bluechip organization to report its Q2FY19 numbers today. The stock is as of now exchanging around 2.5 percent at Rs 1, 992 from its past shutting of Rs 2, 043.05 on the BSE.

Prabhudas Lilladher expects Tier 1 IT sellers to demonstrate an enduring execution in Q2FY19. TCS/Infosys/HCL Technologies are relied upon to convey steady results while Wipro/Tech Mahindra could report gentler USD income development.

In the nifty index, Hexaware Technologies Ltd is right now exchanging at Rs 391 around Rs 13.05 or 3.23 percent from its past shutting of Rs 404.05 on the BSE.

HCL Technologies Ltd is right now exchanging at Rs 1,011.85 around Rs 38.5 or 3.67 percent from its past shutting of Rs 1,050.35 on the BSE.

Tech Mahindra Ltd is presently exchanging at Rs 696.30 around Rs 1.5 or 0.21 percent from its past shutting of Rs 697.80 on the BSE.

An expert at Edelweiss Securities said, “We remain optimistic about growth acceleration in the sector. Accenture’s Q4FY18 (double-digit revenue growth) bolsters our confidence. Mid-caps would outgrow larger peers, but their growth rate differential will narrow. We perceive a positive bias towards large-caps in the medium term given their large-scale execution capabilities and better valuations.”

Meanwhile, the Nifty index recovered as easing crude oil prices added some help to the market assessment, according to the report of Indiainfoline.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

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