Image Viewer

Indian IT stocks faced significant declines following weak Q2FY24 results from Accenture, with major companies like TCS, Infosys, Wipro, HCL Tech, and others falling up to 6%. Nifty IT dropped over 3%, becoming the top sectoral loser, hitting a 2-month low intraday and slipping below the 100-DMA. The decline was led by HCL Tech and Mphasis, marking the biggest single-weekly drop in over a year. Analysts anticipate cautious guidance for FY2025E due to weak near-term demand.