Despite a slump in the Indian stock market today, IT stocks have been rallying since morning deals. Shares of IT majors Infosys and Mastek are up over 3 per cent, Mphasis share price has gained over 2 per cent, Persistent Systems share price has risen close to 4.60 per cent, while Zensar Technologies shares. The price has risen by around 2.95 per cent in the intraday trading session. According to stock market experts, this rise in Indian IT stocks is mainly due to strength. Accenture FY22 Outlook,
According to stock market experts, Accenture has raised its guidance for FY22 from 18-19 to 20-21, which is almost 10 per cent higher than the current fiscal. Following this strong Accenture Outlook for FY12, the Indian stock market is expecting the same strong guidance from Indian IT companies which may get reflected in the upcoming quarterly results of Indian IT companies. He said Indian IT stocks may continue to rise and suggested investors to buy Infosys, HCL Tech, Birlasoft, Tech Mahindra and Coforge stocks.
Speaking on the reason for the rise in Indian IT share price today; Saurabh Jain, assistant vice president of research (retail equities) at SMC Global Securities, said, “Global IT major Accenture has delivered a strong business outlook for FY22. It has raised its guidance from 18-19 to 20-21, Which is around 10 per cent. higher than the current fiscal. Following this strong business outlook from Accenture, Dalal Street is expecting the same from Indian IT companies which has led to bulk buying in IT stocks.”
In line with the views of Saurabh Jain; Ravi Singhal, Vice Chairman, GCL Securities said, “For the last 6-7 years, the business numbers given by Indian IT companies have been more or less in sync with that of Accenture. Hence, Indian stock market investors have taken the Accenture FY22 outlook as a Q. Upcoming quarterly results of Indian IT companies next month. This growth is primarily on account of this Accenture guidance and this growth in IT stock prices is expected to continue.
Among the top 5 IT stocks in India that one can buy today, Ravi Singhal of GCL Securities listed Infosys, Tech Mahindra, HCL Tech, Birlasoft and Coforge stocks to buy today.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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