Gift Nifty suggests gap down for market
₹3543 on Thursday. "The market is likely to remain under pressure because of a disappointing show by the IT majors," said Dhiraj Relli, MD & CEO, HDFC Securities.
"The challenge of higher rates in the US will continue to remain an overhang with contract renegotiations ." Ambareesh Baliga independent market analyst expects the IT stocks to remain under pressure when markets open on Friday on FPI selling. FPIs sold a provisional ₹1862.6 crore on and index futures worth ₹253 crore on Thursday.
Infosys Ltd and HCL Technologies Ltd on Thursday said their 2023-24 revenue growth will be weaker than their earlier forecasts as their large foreign clients tighten purse strings amid economic uncertainties. With India’s largest tech services company, Tata Consultancy Services Ltd, already witnessing a revenue decline in the second quarter, this portends a depressing year for at least three of India’s Big Five tech companies.
Unlike TCS, both Infosys and HCL beat analyst’s estimates in the September quarter. However, analysts are worried about the companies’ outlook and management commentary for the second half of the year."Exciting news! Mint is now on WhatsApp Channels
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