TCS, Infosys, Wipro and other major IT stocks were under pressure on Tuesday a day after the country's largest software services exporter reported its financial results for the March quarter.
IT stocks succumbed to selling pressure on Tuesday a day after Tata Consultancy Services (TCS), the country's largest IT company, reported its financial results for the quarter ended March.
TCS shares fell by Rs 5 or 0.1 percent to settle at Rs 3,691.5 apiece on BSE. Infosys dropped 1.4 percent, Wipro 2.2 percent, Tech Mahindra 2.3 percent at HCL Tech 0.2 percent.
The Nifty IT fell 1.5 percent for the day, having dropped as much as two percent during the session.
TCS kicked off the corporate earnings season post-market hours on Monday. The country's largest IT company posted a net profit of Rs 9,926 crore for the fourth quarter of FY22, up 1.6 percent sequentially. IT company's revenue increased 3.5 percent on quarter to Rs 50,591 crore.
Analysts in a CNBC-TV18 poll had estimated Tata Consultancy Services’ quarterly net profit at Rs 10,050 crore and revenue at Rs 50,390 crore.
Its revenue in constant currency terms increased 3.2 percent, according to a regulatory filing. Analysts had estimated the growth at three percent.
Infosys is slated to report its financial results for the January-March period on Wednesday, and Wipro on April 29.
Indian equity benchmarks Sensex and Nifty50 fell around one percent each amid selling pressure across sectors, and were set to finish lower for a second straight day.
(Edited by : Akanksha Upadhyay)
First Published: IST