Accenture revenue guidance lifts sentiment at IT counters
Accenture raised its revenue guidance for FY25. Early gains, however, fizzled out at close as investors cut their bets on expectation that the upside could be capped in the near-term.
HCL Tech and Coforge gained 1.4% and 1.2%, respectively. Mphasis, Persistent Systems, Infosys and Tata Consultancy Services closed between 0.3% and 0.5% higher. Most of these shares traded 2-4% higher earlier in the day.
«Accenture's guidance implies a turnaround in fortunes of the company and sector which led to a cheer at IT counters,» said Deepak Jasani, head of retail research at HDFC Securities. «The nominal shares gains at closing was on account of profit taking at higher levels.»
On Friday Nifty IT index surged up to 2.9% during the day but closed 0.4% higher while the benchmark Nifty fell 0.14%. Out of the 9 stocks in the Nifty IT index, 7 advanced while 2 declined on Friday.
Jasani said that Accenture reported good deal wins across verticals during the quarter, but a clearer picture will emerge after January-February next year when clients of companies decide budgets for the calendar year.
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