Nifty IT Stocks

The IT sector is witnessing weaker deal momentum and cautious client spending, according to analysts

Technical outlook on Nifty IT, large-cap technology stocks: The IT index along-with Infosys, TCS, HCL Technologies, Tech Mahindra and Wipro look poised for further losses from present levels.

At 9:57 AM, the Nifty IT index was trading lower by 2.30 per cent, at 39,612. It touched an intra-day low of 39,465.75 during the session so far.

Technical charts show that the large-cap IT stocks can fall up to 14% from present levels, while the Nifty IT index can shed another 6%.

Wipro's Q3FY25 net profit rose 24.5 per cent Y-o-Y to Rs 3,350 crore, with a 4.5 per cent Q-o-Q increase. Revenue was Rs 22,320 crore, up 0.5 per cent Y-o-Y and flat Q-o-Q

Technical charts show that HCL Technologies, TCS, Infosys and Tech Mahindra shares could fall up to 8% from here on; while, Wipro can potentially rally by another 11%. Check key levels here

According to Motilal Oswal Financial Services, Infosys and LTIMindtree, both companies with a high discretionary tilt, have provided a more cautious view on discretionary-spend recovery

Wipro's Q3 performance is expected to reflect seasonal furlough impacts, client-specific challenges, and currency headwinds

HCLTech declared a dividend of Rs 18 per share, including a special Rs 6 per share dividend to commemorate 25 years since its public listing, marking its 88th consecutive quarter of dividend payouts

The Nifty IT Index is exhibiting a clear bearish trend in the near term, prompting traders to adopt a cautious stance

IT-bellwether TCS's headline revenue numbers remained flat, but the deal-win total contract value (TCV) was encouraging, signaling potential momentum pick-up ahead

Stock Market Today: The Nifty IT Index today is exhibiting a bearish trend in the near-term with charts signaling further downside potential

The Nifty IT index outperformed the Nifty 50 and the broader index in the second-half of 2024 with a gain of nearly 20%. Key levels to track on IT shares ahead of Q3 results.

Persistent Systems led the decline, plunging 4.78 per cent to Rs 6,320.50. Mphasis also fell sharply, down 3.38 per cent at Rs 2,836. Coforge dropped 2.77 per cent to Rs 9,546

Stock Market Today: The Nifty IT index, eventually, settled 2.6 per cent lower on the National Stock Exchange (NSE) at 44,954 level. By comparison, the Nifty50 index ended 1.5 per cent down at 23,587

Stock Market Today: The Nifty IT Index is facing mixed sentiments post the recent Accenture earnings, which might uplift IT stocks temporarily. However, a closer look at the charts suggests caution

The key benchmarks - Sensex, Nifty faced another bear attack on Thursday, with the BSE Sensex crashing 1,162 points or 1.44 per cent to its intraday low of 79020

For the Indian IT services sector, which derives over 60 per cent of its revenues from the US, the Fed's cautious stance has mixed implications

At 10:16 AM, with a market cap of Rs 1.01 trillion, Persistent Systems was trading 2 per cent higher at Rs 6,473.05 on the BSE, exchange data showed

Stock Market Today: The best trading strategy at this juncture is to book profits on the rise in Nifty IT index and wait for the index to retrace towards its support levels