India's IT stocks rocket to 3-month high on Accenture's strong forecast

Persistent Systems

21/06/2024 05:56

** India IT stocks  .NIFTYIT  jump as much as 2.7% to a
3-month high after US-based peer Accenture's  ACN.N  upbeat
annual revenue forecast
    ** NIFTYIT last up ~2%; at that level, index is up 0.2% so
far this year, moving to YTD gains for 1st time in 3 months
    ** NIFTYIT tops 100-DMA for first time since April 9; had
moved above 50- and 200-DMAs in 3-day post election result rally
    ** Its last one-day 2% jump (excl 3-day post election rally)
was on Feb 6 after data pointed to strong US economy
    ** Jefferies says Accenture's increased momentum in GenAI
deals shows clients willing to spend "when convinced about
potential benefits", which is a key takeaway for India IT firms
    ** All 10 stocks in IT index jump, led by just over 3% gains
in Persistent Systems  PERS.NS  and Coforge  COFO.NS  
    ** Market leader TCS  TCS.NS  and HCLTech  HCLT.NS  up
~1.7%, while No.2 Infosys  INFY.NS  advances over 2%
    ** Wipro's  WIPR.NS  1.2% gain is the least on the index

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