At 09:41 AM, the Nifty IT index, was the top gainer among sectoral indices, as compared to 1.3 per cent gain in the Nifty 50 index. The IT index had hit a 52-week low of 26,399.75 on June 17, 2022. In the past three months, Nifty IT index tanked 24 per cent, as compared to 7 per cent decline in the Nifty50 index till Friday.
Tech Mahindra, HCL Technologies, Mphasis, Coforge, Larsen & Toubro Infotech, Mindtree, L&T Technology Services, Infosys, Wipro and Tata Consultancy Services (TCS) were up in the range of 2 per cent to 4 per cent on the NSE.
Also read: Strong order book, high attrition: What Accenture's Q3 means for Indian IT
Investors expect the Fed funds rate to peak between 3.25 per cent and 3.50 per cent in December, down from 3.50 per cent to 3.75 per cent one week ago, according to the CME’s FedWatch tool.
“US market now seems to be interpreting recent signs of slowing growth as a reason for the Federal Reserve to potentially have “a lighter touch” in its battle with inflation. A recent slide in commodity prices eased worries about inflation and the rate hike outlook,” said Deepak Jasani, Head of Retail Research, HDFC securities.
Meanwhile, Accenture’s commentary suggests that the demand environment remains supportive, and the weakening macro environment has not yet started impacting growth in the sector. While supply-side challenges remain a point of concern, with elevated attrition and lower headcount addition, Accenture’s margin guidance implies a stable margin performance in FY23, Motilal Oswal Financial Services said in IT sector update.
“We maintain our positive stance on the sector as we expect sustained growth with stable margin. Infosys, HCL Technologies, and TCS remain our preferred picks within the Tier I IT space,” the brokerage firm said.
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