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BSE IT Index drops, Infosys leads the decline
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The BSE IT Index ended 2.68 percent lower on Tuesday weighed down by Infosys Technologies’ surprise 2.6 percent drop in April-June profit.
The country’s No. 2 outsourcer said before market hours its sales contribution from Europe fell to about 20 percent from nearly 25 percent a year ago and 23 percent in January-March.
Infosys, which led the BSE IT Index decline, dropped 3.4 percent, while Tech Mahindra and TCS slipped 1.4 percent and 2.09 percent respectively.
Top Indian service exporter TCS is schedule to declare results on Thursday.
Aptech Ltd and NIIT however bucked the trend, gaining xx percent and xx percent respectively.
“People will now adjust their expectations for other IT majors like TCS and Wipro,” said Tejas Doshi, head of research at Sushil Finance.
Do you think IT stocks are likely to further more?
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Technically Infosys share is very strong, Infosys will touch 3000 level very soon, only exit when this stock close below 2740 level.
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