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Indian IT stocks like Wipro, TCS, HCL Tech, and Mahindra Tech may see a weak start due to Accenture’s disappointing Q2 guidance. Accenture’s shares fell 10 percent, impacting investor sentiment.
Wipro, TCS, Infosys among IT stocks in focus today.
IT Stocks: Indian IT stocks such as Wipro, Tata Consultancy Services (TCS), Infosys, HCL Tech, and Mahindra Tech may see a weak start today as Accenture PLC’s second quarter guidance disappointed investor sentiments. Shares of Accenture PLC crashed by 7 per cent on NASDAQ following its revised Q2 guidance report as investors huddled to sell the shares.
Reflecting this negative sentiment, American Depository Receipts (ADRs) for Infosys and Wipro dropped over 3 percent overnight. Domestic IT stocks might follow this negative trend in today’s trading session.
Accenture is often seen as a benchmark for Indian IT companies, offering insights into their potential performance. Accenture’s earnings report serves as a vital indicator for the global IT industry, including Indian tech firms that significantly depend on services exports for revenue.
Trimming IN US Govt Spending And Rising Level Of Uncertainty
For FY25, Accenture projected an annual revenue growth between 5 percent and 7 percent, compared to its previous guidance range of 4 percent to 7 percent.
Accenture’s management also mentioned an increased level of uncertainty in recent weeks, particularly in public services, due to reviews and cuts in US government spending stemming from the Elon Musk-led DOGE (Department of Government Efficiency).
More Updates Shortly…
