TCS, Wipro, Infosys, HCL Tech: Why experts see IT stocks' price jump on Monday - What's giving the boost?
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Market experts expect a big rally in Indian IT stocks on Monday after Accenture’s strong results.
- ✓Shares of Infosys and Wipro got a boost on the NYSE.
- ✓Avinash Gorakshkar said, “Indian IT stocks witnessed strong buying in the US stock market.” Investors should book profit if shares jump over 5%.
Story at a Glance
- Category
- MARKET
- Reported By
- Livemint
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
After Accenture's better-than-expected results announcement, market experts are expecting a big rally in Indian IT stocks. They said that shares of Indian IT companies listed on the NYSE saw strong buying post-Accenture results, which also hints at a big gap-up opening for Indian IT stocks when they reopen on Monday. Infosys share price finished close to 6%, whereas Wipro shares ended over 6% at the NYSE after Accenture's results were announced on Wednesday.
According to stock market experts, Indian IT companies receive more than 50% of their average business from the US, with Accenture playing a major role. After the better-than-expected Accenture results, the market expects similar Q2 results from the Indian IT giants. As the market has a track record of discounting events well before they take place, we can expect strong buying in Indian IT stocks on Monday.
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