India n shares slip as IT stocks drag after Infosys, Wipro results
India n shares edged lower on Thursday as investors booked profits in IT stocks after heavyweights Infosys and Wipro posted December-quarter results, while awaiting details on a major U.S. stimulus package due later in the day.
The Nifty IT index, which gained 55% in 2020 and has risen 9.3% so far in January, was down 1.9% in morning trade to be a major laggard in the Nifty 50 index.Infosys Ltd shares, which rose over 6% this week in the run-up to the company’s results till Wednesday, were down 2.8%. India’s second-biggest software services firm by market value raised its annual revenue growth forecast after posting a rise in December quarter profit and revenue.
Smaller rival Wipro also reported an increase in consolidated net profit.“Profit booking has come in the IT stocks after a stupendous run since last year. Some of the stocks including Infosys have more than doubled since the pandemic unfolded in March,” said Saurabh Jain, assistant vice president of research at SMC Global Securities in New Delhi.
Also in focus was a hefty COVID-19 relief package, costing “trillions of dollars” as promised by U.S. President-elect Joe Biden, due to be unveiled later in the day.Indian markets have hit new record highs in the past few days, helped by continued foreign fund inflows and progress in COVID-19 vaccine developments. Foreign investors pumped more than $20 billion into Indian equities last year, according to Refinitiv Eikon data. headtopics.com
Reporting by Nallur Sethuraman in Bengaluru; Editing by Shailesh Kuber and Ramakrishnan M. Read more: Reuters Top News »
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Worst two companies I ever worked with in IT. Terrible skills and incredibly smelly. Whatever it takes. Orange🍊45 should not be allowed to RUN AGAIN for any office ..& TAXPAYERS should not PAY for a pension , lifetime Secret Service ,travel benefits, etc . ALL the dude should get is PRISON TIME for COVID deaths, CAGED babies,RAPE, INSURRECTION...etc.
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