TCS, Wipro, other IT stocks rebound up to 6%, snapping 8-day losing streak. Why is Jefferies cautious?
Executive Brief • Key Highlights
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- ✓TCS, Wipro, and other IT stocks rebounded up to 6% on Wednesday, snapping an eight-day losing streak.
- ✓The Nifty IT index rose nearly 3% as a stronger US dollar boosted sentiment.
- ✓However, brokerages remain cautious ahead of the Q2 earnings season, as Jefferies expects large firms to show weak growth.
Story at a Glance
- Category
- MARKET
- Reported By
- The Economic Times
- Reading Speed
- 5 Minute(s)
- Market Focus
- India Economy
Synopsis
IT stocks rebounded on Wednesday, with TCS, Wipro and Coforge snapping an eight-session losing streak. The Nifty IT index rose nearly 3%, aided by a stronger US dollar and higher US bond yields, though brokerages remain cautious ahead of the Q2 earnings season.
IT investors finally found some relief as the shares of TCS, Wipro, Coforge and others rebounded up to 6% on Wednesday, snapping a massive eight-session-long losing streak, although brokerages remained cautious ahead of the upcoming Q2 earnings season.
Nifty IT jumped nearly 3% to cross 28,380 on Wednesday morning, after dropping more than 5% over the past eight sessions. IT stocks were among the top gainers on market today as the US dollar strengthened further, wrapping up its best month since June after the Federal Reserve’s renewed focus on taming inflation pushed interest-rate expectations and US bond yields higher.
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The Economic Times
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