Amid the ongoing rout in IT stocks, domestic brokerage firm Motilal Oswal Financial Services believes 9-12 per cent of IT services revenue stands to be eliminated.
Data showed that the top five IT firms by market capitalisation, Tata Consultancy Services Ltd, Infosys Ltd, HCL Technologies Ltd, Wipro Ltd and Tech Mahindra Ltd, lost Rs 1.78 crore in market value by 1.30 pm.
India-US trade deal: The BSE IT index surged 1,993 pts to 38,598 today against the previous close of 36,605.
IT stocks, impacted by subdued quarterly earnings, could be the major beneficiaries of the tariff cut move today.
HCL Technologies (1.55%), Tech Mahindra (1.29%) and Infosys (1.05%) were among the top losers on Sensex today.
Five stocks, namely ICICI Bank, HDFC Bank, Tata Steel, Infosys and Kotak Mahindra Bank, contributed heavily to the Sensex’s fall.
Among Sensex constituents, Tata Steel declined 2.64% to Rs 197. Eternal slipped 1.58%, while Mahindra & Mahindra (M&M), HCL Technologies and Infosys fell 1.23%, 1.23% and 1.18%, respectively.
Stocks including HDFC Bank, Amagi Media Labs, HCL Technologies, United Spirits, Tata Steel, AU Small Finance Bank, Power Grid and more will be in the spotlight on Wednesday, January 21.
Stocks including Reliance Industries, Infosys, BHEL, Dr Reddy's Labs, LTTS, Zydus Lifesciences, ICICI AMC, TCS, Jio Financial, DLF and more will be in the spotlight on Friday, January 16.
TCS, India's largest IT services company, had declared a third interim dividend of Rs 11 per equity share alongside a special dividend of Rs 46 per equity share. This brings the total payout to Rs 57 per share.
On Tuesday, shares of HCL Tech declined as much as 2.50% to touch the day’s low of Rs 1,626.40 against its previous close of Rs 1,668.10 apiece on the BSE.
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