Infosys, Mphasis, Tech Mahindra Power Nifty IT As Sole Sectoral Gainer In A Bearish Market
Nifty IT gained as much as 1.6% intraday, compared to 0.86% decline in the benchmark Nifty 50.
Shares of Infosys Ltd., Mphasis Ltd., and Tech Mahindra Ltd. powered the Nifty IT index to be the sole gainer among 19 sectoral indices on the National Stock Exchange on Thursday.
The gauge of information technology stocks gained as much as 1.6% intraday, compared to a 0.86% decline in the benchmark Nifty 50.
Mphasis gained nearly 7% after the company's second-quarter financial results met estimates. The net profit rose 4.6% on a sequential basis to Rs 423 crore. Analysts' consensus estimates compiled by Bloomberg had projected a net profit of Rs 416 crore.
Revenue increased 3.3% to Rs 3,536 crore from Rs 3,422 crore in the second quarter of fiscal 2024. The Bloomberg estimate was Rs 3,516 crore. The results came before the market opened on Thursday.
Infosys surged 3% before the release of its quarterly earnings. Analyst estimates show that the IT major is likely to report a net profit of Rs 6,831 crore and revenue of Rs 40,820 crore. It is likely to post an EBIT of Rs 8,699 crore and an EBIT margin of 18.30%.
Nifty IT gained as much as 1.6% intraday.
Tech Mahindra was up 2.6%, while Coforge Ltd. and Persistent Systems advanced nearly 1%.
Wipro Ltd., India's third largest IT player, swung between gains and losses. It surged as much as 1.1% before giving up gains. The IT services firm's net profit may fall 0.2% sequentially to Rs 2,996 crore in the quarter ended September. Revenue may rise 1.4% to Rs 22,271 crore.
The company is due to announce its second-quarter earnings later today.
Meanwhile, the top sectoral losers on the NSE were Nifty Realty, Nifty Auto, and Nifty FMCG.
The Nifty 50's near 200-point drop on Thursday is set to make it the third consecutive day of loss.
