Tag: it stocks

Information technology stocks are likely to remain under pressure in the near term amid headwinds emanating from the worsening economic situation in key global markets and financial market volatility, according to analysts. While the country's largest software exporter TCS reported a 5.2 percent rise in June quarter net profit on Friday, kicking off the latest earnings cycle, IT shares have been sliding, with the BSE Information Technology index tumbling nearly 24 percent so far this year. Cross-currency headwinds and large-scale talent churn resulting in higher wage hikes could also add to the challenges, especially in terms of the impact on operating margins, analysts opined. Read more

The Indian benchmark indices extended opening gains and were rallying 0.5 percent higher today(4th January 2022). The BSE Sensex was 332 points up at 59,515 and the NSE Nifty was at 17,714, higher by 90 points. Energy majors NTPC and PowerGrid were the top gainers on the Sensex, up over 3 percent each, followed by banking stocks such as Axis Bank, SBI Bank, ICICI Bank, and heavyweight Reliance Industries. On the flip side, IT stocks Infosys, Wipro, and HCL Technology were down between 0.6-0.8 percent. Pharma stocks Sun Pharma and Dr. Reddy's were also in the red zone. Meanwhile, the broader market was also positive. The BSE MidCap and SmallCap indices were up 0.1 and 0.3 percent, respectively. Read more

Indian equities rallied today(3rd August 2021), bucking weak Asian trend, amid gains in realty, FMCG, pharma, and IT stocks. The frontline S&P BSE Sensex was trading at 53,230 levels, up 280 points while the Nifty50 index hit a fresh record peak of 15,975, up 90 points. The index is only 25 points shy of the 16,000-mark. In the broader markets, too, the BSE Mid- and SmallCap indices hit new peaks, advancing up to 0.5 percent, in intra-day trade. about seventy companies are looking to release their quarterly earnings, including Adani Ports, Adani Enterprises, Bharti Airtel, Barbeque Nation, Dabur, Inox Leisure, and Tata Consumer Products. In regards to Airtel, analysts believe the company may report stable ARPU sequentially and nearly flat revenue growth. Further global cues will continue to sway market sentiments.

Clearly, the market has been able to take the Second Covid Wave in stride, and very strong liquidity continues to flow into the markets. In addition to that, some of the very short-term high-frequency indicators have been pretty much positive and have been in strong momentum. On the whole, the market has essentially been able to take any kind of softness in the June quarter numbers and is willing to look at the second half of this financial year and beyond. The markets probably are more in a medium-term mindset, the experts feel. Read more

Buoyed by an overnight rally in tech stocks in the US, Indian IT stocks caught investor fancy today(10th March 2021). Tech-heavy Nasdaq gained about 4 percent on Wall Street on 9th March with Tesla Inc jumping 20 percent, the most in almost a year, while Amazon.com Inc and Microsoft Corp posted the biggest single-day gains in five weeks. Consequently, the Nifty IT index back home was outperforming the benchmark Nifty50 index. At 11:26 am, the Nifty IT index was ruling 1.4 percent higher at 25,936.5 levels, having touched a high of 25,984 levels in the intra-day deals. Among individual stocks, shares of KPIT Technologies, L&T Technology Services (LTTS), and Mindtree hit their respective record highs on the BSE in intra-day trade. Read more

Shares of IT companies were trading higher, surging up to 6 percent on the BSE, ahead of sector giant Tata Consultancy Services' (TCS'), October-December 2020 quarter (Q3FY21) result, scheduled to be announced after market hours today (8th January 2021). Amid the rally, With a market cap of Rs 1.02 trillion at 02:15 pm, Tech Mahindra became the fifth IT company that joined Rs 1-trillion m-cap club. Overall, the company stood at 30th position in them-cap ranking, BSE data shows. Currently, among IT companies, TCS is numero uno with Rs 11.66 trillion market cap, followed by Infosys (Rs 5.53 trillion), HCL Technologies (Rs 2.69 trillion), and Wipro (Rs 2.44 trillion), data shows. Read more