IT stocks surge ahead of Infosys Q4 FY18 results, TCS up 1%; Rupee loses 17 paise, Sensex falls 130 points

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Published: April 11, 2018 10:27:26 AM

Shares of India's major IT companies surged in the morning deals on Wednesday ahead of financial results for the fourth quarter and the year ended 31 March 2018 of country's second-largest IT services firm Infosys.

Salil Parekh-led Infosys is all set to announce its earnings for the period of January-March 2018 and the financial year 2017-2018 on 13 April 2018. (Image: Reuters)

Shares of India’s major IT companies surged in the morning deals on Wednesday ahead of financial results for the fourth quarter and the year ended 31 March 2018 of country’s second-largest IT services firm Infosys. Shares of India’s IT behemoth and Tata Group’s cash cow Tata Consultancy Services were the top gainers among the blue-chip stack of BSE Sensex. The Indian rupee edged lower in the early trades on the interbank foreign exchange market on Wednesday following a drop in Sensex. Nine out of eleven sectoral indices of National Stock Exchange traded in red barring Nifty IT and Nifty Metal. An increase in volatility was seen in the Indian equities as India Vix, the volatility indicator on NSE, gained 2.5% to 14.9075.

Salil Parekh-led Infosys is all set to announce its earnings for the period of January-March 2018 and the financial year 2017-2018 on 13 April 2018 while Tata Consultancy Services is scheduled to release the report card for the latest quarter and the fiscal year ended 31 March 2018 on 19 April 2018. Shares of Infosys advanced 1.21% to Rs 1127.65 on BSE while the stock of Tata Consultancy Services went up by 1.4% to Rs 2947.2 on BSE on Wednesday.

Other IT shares which also gained in the trade today include HCL Tech (up 1.88%), Mindtree (up 1.36%), KPIT (up 1.27%) and Wipro (up 0.56%) while shares of Tata Elxsi, Tech Mahindra, Infimbeam Incorporation and Oracle Financial Services Software lost up to 1%.

The rupee shed as much as 17 paise to 65.16 against the US dollar on Wednesday after opening flat at 64.98. Indian stock markets too pared the opening gains in a quick succession with Sensex falling more than 100 points. The benchmark Sensex dipped 129.51 points to a day’s low of 33,750.74 on Wednesday as shares of heavyweight companies such as ICICI Bank, ITC, State Bank of India, Axis Bank and HDFC Bank hovered into losses steering the indices into negative territory.

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