Indian IT stocks fall after Accenture forecast misses street expectations

Oracle Financial Services Software

Today 04:58

** India's Nifty IT index  .NIFTYIT falls about 6%, with all constituents in the red
** Index falls to the lowest since April 21, 2023 intra-day low
** Shares of cos react to Accenture ACN.N sounding alarm bells and narrowing its Q4 sales forecast below Wall Street estimates 
** IT consulting giant warned of more impact from Middle East conflict will be seen in next qtr
** Accenture management's commentary is similar to that highlighted by a few peers such as TCS in June -- Morgan Stanley
** Morgan Stanley notes that with Accenture's commentary, Indian IT firms' hopes of meaningful improvement in growth in Q2 could start fading away
** Shares of Indian IT firms Oracle Financial Services Software ORCL.NS, Wipro Ltd WIPR.NS, Infosys Ltd INFY.NS, Tech Mahindra TEML.NS, Tata Consultancy TCS.NS, Persistent Systems PERS.NS, Coforge Ltd COFO.NS and HCL Technologies HCLT.NS down between 1.2% to 7.8%
** YTD, NIFTYIT down 25.3%; benchmark Nifty 50 down 8.18% 


 (Reporting by Saikeerthi in Bengaluru)
 ((Saikeerthi@thomsonreuters.com; (+91) 8296756080))