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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
IT shares fall on US growth concerns
The Nifty IT index fell 2.9%, while the benchmark Nifty ended 0.1% lower Wednesday.
«We see downside risks emerging for both the revenue growth of India IT services and valuation multiples,» said the brokerage in a client note. «Shifts in the macro environment and technology evolution are happening fast.»
Infosys dropped 4.3%, the top loser in the IT pack, after Morgan Stanley downgraded the stock from 'Overweight' to 'Equal-Weight'. Other IT large caps such as TCS, LTIMindtree, HCL Technologies, and Tech Mahindra declined 1.7-3.6%. Midcap IT companies fell 2-3%.
While cutting its price targets, the brokerage said it prefers TCS over Infosys, Tech Mahindra over HCL, Coforge over Mphasis.
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Investors have turned sceptical about the prospects of India's IT services sector as the global tariff war is feared to boost inflation and trigger a US downturn soon. These companies derive a bulk of their revenues from the US.
«Given the mixed macroeconomic indicators, the US economy remains at a crossroads-while weakening conditions have increased expectations of rate cuts, persistent inflation could constrain monetary easing,» said Sagar Shetty, research analyst at StoxBox. «Against this backdrop, the outlook for the Indian IT sector remains mixed in the near term, with anticipated deal slippages and reduced corporate spending weighing on growth.» Shetty said margin pressures may persist as firms could engage in aggressive pricing to secure contracts.
IT shares are down by 15-33% this year. The Nifty IT
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