The heavyweight IT companies TCS and Infosys have capped the previous two-day gains and are dragging the Nifty IT index down ahead of the first quarter earnings. Stocks of IT companies mostly trade up except TCS which was down 0.89% at Rs 2,453.8 while Infosys shares were mostly flat, down 0.11% at Rs 974.25. NSE’s Nifty IT index trade slightly under pressure, down 0.14% at 10,415.1 points.
Other IT stocks which are trading mixed include HCL Tech (down 0.06% at Rs 850.15), Wipro (up 0.3% at Rs 264), MindTree (down 0.74% at Rs 520.8), Tech Mahindra (up 0.64% at Rs 387.65), Oracle Financial Services Software (up 1.11 at Rs 3,672.2), Just Dial (up 0.85% at Rs 368.9), Tata Elxsi (up 0.64% at Rs 1,720.65), KPIT Technologies (down 1.37% at Rs 132.8).
All eyes stood on the results of the benchmark index components, TCS and Infosys. The results of TCS and Infosys are scheduled to be announced on 13 July and 14 July respectively.
On looking at the last three-month performance, the shares of TCS have gained 1.74% while Infosys shares lost 3.56% since April 3. However, Nifty IT index traded between the range of 9901.65 points to 11016.1 points and has gone down 1.67% from 10,592 to 10,415.1 points from start of the financial year 2018.
Earlier in April 2017, TCS and Infosys had reported weak profits for the last quarter of the financial year 2016-2017. TCS fiscal fourth quarter net profit fell 2.5% on-quarter basis to Rs 6,608 crore from Rs 6,778 crore in the previous quarter. While Infosys fiscal fourth quarter consolidated net profit fell 2.83% Rs 3,603 crore from Rs 3,708 crore in the previous quarter.