IT stocks led by Infosys jumped on Monday after IT outsourcer Accenture Plc reported strong earnings for the second quarter ending February 29 and also raised its full-year net revenue forecast well above analysts' expectations on Thursday.
Infosys gained as much as 2.4 per cent to Rs 1,237 while TCS rose 1.75 per cent. Tech Mahindra, HCL Tech and Wipro also edged higher.
Net revenue of Accenture rose 6 per cent in US dollar terms to $7.95 billion in the latest quarter. Accenture, which is incorporated in Ireland said on Thursday it now expected full-year net revenue to increase by 8-10 per cent in local currency terms, up from its previous estimate of 6-9 per cent.
However, domestic brokerage Nirmal Bang was cautious on its outlook for Indian IT stocks. "We believe the strength is company-specific (Accenture) and reflective of share gain rather than any improvement in demand conditions," it said in a note.
The IT sub-index of NSE closed 0.53 per cent lower compared to 1.46 per cent fall in the broader Sensex.
(With agency inputs)
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