The deterioration of the US corporate sector profitability would lead to tighter IT spending
Shares of ONGC are likely to be in focus as the government will sell 1.5 per cent stake in the oil producer through an offer for sale (OFS) over the next two trading sessions at Rs 159 per share.
The strong guidance indicates that spending on change programs continues to be robust, a positive for Indian IT.
The IT services companies, who make most of their revenues servicing clients in US tend to benefit from a weaker rupee.
While outlook remains strong, Q3 revenue growth was lower than Street estimates
Profit up 8.17% sequentially; revenue growth 20% YoY at Rs 1,687 crore
when the overall market translates form a negative sentiment to a positive outlook, the consolidating stocks are expected to robustly breakout on the upside
Stocks like TCS and LTTS may explore uncharted territories in current market volatility