Infosys, Wipro, and other IT stocks in focus as ADRs decline following Accenture Q3 results
Infosys, Wipro, TCS and other Indian IT stocks will be in focus on Monday after Accenture shares plunged 7% in the U.S. market on Friday. The sell-off came despite the company reporting better-than-expected revenue for the third quarter, raising concerns over future demand trends and sector sentiment.
ADVERTISEMENT Accenture posted revenue of $17.7 billion for the quarter ended May 31, surpassing analysts' average estimate of $17.3 billion, according to LSEG data. The growth was led by continued demand for AI-driven services from enterprise clients. However, the sharp fall in the stock price indicates investor concerns over weakening margins and a soft outlook in key verticals.
Accenture's Q3 report triggered a broader reaction across global IT stocks. Infosys ADRs slipped 4%, while Wipro ADRs edged down 0.34%, reflecting early signs of pressure that could spill over to the Indian market.
Also Read: 11 Nifty mid & smallcap stocks that can rally 40-90% over the next 12 months
The company also flagged headwinds from a sluggish U.S. federal contracting environment. It attributed the slowdown to policy changes under the Trump administration that aim to curb federal spending by cutting or delaying IT contracts. While Accenture noted these changes have not materially impacted operations yet, the overall commentary weighed on investor confidence.
Also Read: US strikes on Iran may rattle markets: Will Nifty, Sensex react to escalating geopolitical risk?
Interestingly, Indian IT shares had ended Friday with broad-based gains, led by midcap names. Persistent Systems rose 3.5%, followed by Coforge up 2%, and Mphasis, which gained over 1%.
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Among largecaps, HCL Technologies was the top gainer, up 1.3%. TCS, Wipro, Tech Mahindra, and Oracle Financial Services Software (OFSS) closed with modest gains of up to 0.8%.
Also Read: $2.4 trillion worth of gold! India's household hoard is 6x Pakistan's economy
ADVERTISEMENT However, Infosys and LTIMindtree ended in the red, hinting at selective weakness.The Nifty IT index closed 0.84% higher for the day.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
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