DBT Bureau
Bengaluru, 1 July 2024
The Nifty IT Index, which measures the movement of major IT services and technology firms in India, is likely to be in a ‘wait and watch’ mode this week as the earnings season will begin from 2nd week of July onwards.
Tata Consultancy Services (TCS) will announce its Q1 (FY25) results on July 11, while Infosys is all set to report its first-quarter earnings on July 18, 2024. HCL Tech has said that it would announce its Q1 results on July 12.
As the top three IT services firms will announce their results from July 2nd week, investors are likely to take cues from these quarterly results for future direction.
Last week, the Nifty IT index was one of the major gainers among indices as it closed 2.88% up at 36,157.50 on Friday. Meanwhile, the Nasdaq Composite ended the week (28 June) 0.52% higher at 17,732.60.
Among prominent Indian IT stocks, TCS ended 1.98% higher at Rs 3,906.75 on Friday, while Infosys’ share price closed 3.03% higher at Rs 1,566.65 during last week. Wipro was one of the prominent gainers among large caps as its share price closed 4.43% higher at Rs 513.80 last week. The share price of HCL Tech gained 1.85% to close at Rs 1,461.
Several mid-tier IT companies also reported a good week as investors showed buying interest. Persistent Systems was one the major gainers as its stock price gained 9.65% to close at Rs 4,275 last week. LTIMindtree’s share price closed 5.74% up Rs 5,380 during last week, while KPIT Technologies’ share price ended the week, 3.61% up at Rs 1,635 during this period.
After gaining around 26% last week, MapmyIndia’s share price fell 6.54% to settle at Rs 2,307 during the week ended June 28.
