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Nifty IT dips over 2% as TCS misses Street estimate, Infy likely to put up a poor show

TCS reported Q4FY23 earnings that missed street expectations, causing a 2% slump in the Nifty IT index, with TCS also trading down by 2%. The recent US banking crisis has resulted in estimate cuts by analysts and increased caution among investors for Indian IT companies that rely heavily on revenue from the BFSI sector, particularly from the US and Europe.
What do brokerages say on the Indian IT sector after Accenture’s better-than-expected results?

Accenture’s reduced revenue and growth guidance and global macroeconomic turmoil prompt analysts to maintain a cautious stance on the Indian IT Sector.
Macro uncertainties cast shadow on IT services, mixed views on preferred stocks

Analysts remain cautious on the IT services sector amid growing macro volatility and demand uncertainties. Morgan Stanley has a ‘buy’ rating on Infosys, Tech Mahindra, Persistent Systems and Coforge. Jefferies believes Infosys, TCS, and HCL are better placed

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Nifty IT dips over 2% as TCS misses Street estimate, Infy likely to put up a poor show

What do brokerages say on the Indian IT sector after Accenture’s better-than-expected results?

Macro uncertainties cast shadow on IT services, mixed views on preferred stocks