IT stocks fall as Nasscom lowers export growth outlook in FY17

IT stocks fell by up to 2.2 per cent today after industry body Nasscom lowered the sector's growth outlook to 8-10 per cent for the current fiscal in view of global uncertainties and currency volatility.
Shares of TCS declined by 2.20 per cent, Infosys lost 1.12 per cent and Wipro went down by 0.99 per cent on BSE.
HCL Technologies fell by 2.07 per cent and Tech Mahindra lost 0.47 per cent.
The BSE IT index declined by 1.38 per cent to end at 9,315.09.
Global political and economic uncertainties, slowdown in IT spends by banking/financial services and currency volatility have led Nasscom to slash India's software export growth outlook to 8-10 per cent for the current fiscal.

The lowering of full year growth guidance, from the earlier estimate of 10-12 per cent, mirrors the muted outlook given by Indian IT majors such as Infosys and Wipro after the September quarter results.
"The industry is going through a transient phase with various domestic and global factors impacting its performance," Nasscom President, R Chandrashekhar said yesterday.
The IT and BPM export revenue is now expected to be around USD 116-118 billion in 2016-17 as against USD 119-121 billion projected at the beginning of the year by the industry body.