IT sector: After mixed March quarter results, brokerages say 'stay selective'; near-term pressure remains

Post the March quarter results, brokerages believe that the near-term outlook for the IT space is worsening and suggest investors 'stay selective'.

IT remains precariously placed, says Jefferies; Infosys only ‘buy’

Jefferies said that with earnings risks persisting and the sector still trading at an 8 percent premium to its 10-yr average, it remains selective on the sector with Infosys as its only Buy.

Market Wrap: Shares take a breather after 8-day rally; all eyes on US Fed rate decision

<ul><li>The 30-share BSE Sensex declined 161.41 points or 0.26 per cent to settle at 61,193.30. During the day, it tumbled 330.27 points or 0.53 per cent to 61,024.44. The broader NSE Nifty fell 57.80 points or 0.32 per cent to end at 18,089.85.</li></ul>

IT sector's weight in Nifty50 at 5-year low of 12.2%, FMCG's weight rises: Report

BS pointed out that the IT sector’s weight in the index has slipped to a five-year low of 12.2 percent, down from the 17.7 percent at the end of March 2022.

IT firms report weak Q4 results even as US banks say focus intact on tech investments

While YoY growth in technology expenses, as reported in March quarter earnings, for major US banks moderated, overall technology capex investments continue to be healthy, said ICICI Securities.

TCS, Infosys show common factors of pain; what lies ahead for the IT sector?

The IT sector has to deal with the slowdown in the US market. While it was expected, the slowdown was sharper and got exacerbated by the recent banking crisis in the US and Europe.

Nifty IT hits new 52-week low with 7.6% drop; Infosys, LTIMindtree, Coforge among big losers

Following the weak Q4 FY23 numbers, shares of Infosys tanked nearly 15% to  <span class='webrupee'>₹</span>1,185 apiece in today's trade. Other IT companies also took a severe beating, with LTIMindtree, Coforge, Tech Mahindra, HCL Technologies, Tata consultancy services, and Wipro all falling in the range of 3–8%.

Infosys Q4 Review: Most brokerages downgrade stock, cut targets; here's when they see it recovering

After the March quarter results, many brokerages downgraded the stock and almost all cut their target prices and earnings estimates for FY24 and FY25.

TCS, Infosys earnings point to lackluster Q4 for IT industry; analysts predict a bumpy road ahead: Report

In its earnings preview earlier this month, JP Morgan said that Indian IT companies' Q4FY23 prints should be weaker than Q3 with constant currency sequential organic growth slowing due to a deteriorating macro and flattish to declining margins.

Infosys cracks 12% on the back of weak Q4 results, lower than expected guidance

The IT major gave a 4-7 percent revenue growth guidance for FY24 amid macroeconomic uncertainties, well below analysts' expectations of a 10.7 percent growth.

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IT sector: After mixed March quarter results, brokerages say 'stay selective'; near-term pressure remains

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