Infosys, TCS drag Indian IT stocks to 2nd-worst week in 16 months

L&T Technology Services

19/04/2024 07:43

** India's IT stocks  .NIFTYIT  down 5.4% so far this week,
on track for second-biggest weekly fall since December 2022
    ** Weak Q4 results and dour outlook from market leaders TCS
 TCS.NS  and Infosys  INFY.NS  weigh on 10-member index
    ** INFY down 5.8% this week, while TCS down 4.9%; they have
~52% weightage on the IT index
    ** Coforge's  COFO.NS  8.9% drop is the most, while
Persistent Systems's  PERS.NS  3.2% decline is least
    ** Analysts rate Infosys and Coforge 'buy' on avg -LSEG data
    ** TCS, Persistent and four others rated 'hold' -LSEG data
    ** Wipro  WIPR.NS , due to report today, and L&T Tech
 LTEH.NS  rated 'sell' on 10-member IT index
    ** Nifty IT has slid 6.6% YTD; Nifty 50  .NSEI  is up ~1%

 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))