Prefer TCS over Infosys, Wipro: Mehraboon Irani

Mehraboon Irani of Nirmal Bang Securities told CNBC-TV18, "The gut feel was that the IT index will lead the markets down, that's what my gut feeling was before Infosys results. When Infosys results came and when I looked at the numbers I thought my judgement would go wrong, the numbers were brilliant. However, I have never seen numbers so brilliant and the guidance just not matching. That is what the market was completely disappointed about. If you believe in the managements guidance, I think in Q3 and Q4 one should not expect too many things. Seeing that, I still feel that the IT index could drag the markets lower.""If last four quarters are an indication in Tata Consultancy Services, the numbers have gone below consensus and if that happens my feeling is that the IT index will take the markets lower which could turn out to be true," he said."I am not in a hurry to buy into any IT stocks, though fundamentally I prefer TCS to Infosys and Wipro which are at number two and number three."