Shares of information technology services companies continue to remain volatile after IT majors Tata Consultancy Services Ltd. and Infosys Ltd. reported weak numbers in the quarter ended March 2023.
I.T. stocks were trading lower on Monday, pulling the NSE Nifty IT 0.13% lower, compared to a 0.14% decline in the NSE Nifty 50.
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Six out of the 10 constituents compiled by the gauge advanced, whereas Persistent Systems Ltd., TCS Ltd., LTIMindtree Ltd., and Tech Mahindra Ltd. declined.
Coforge Ltd., Mphasis Ltd., Wipro Ltd. L&T Technology Services Ltd., and Infosys Ltd. advanced less than a percent, whereas HCL Technologies Ltd. was up 1.85% ahead of Q4 results.
Shares of Infosys were volatile on Tuesday, swinging between gains and losses after falling the most in 3.5 years on Monday. It rose 0.18% to Rs 1,260.55 apiece as of 11:27 a.m., compared to a 0.15% decline in the benchmark NSE Nifty 50. The stock gained as much as 0.93% intraday, the most since April 12.
The total traded volume so far in the day stood at 1.8 times its 30-day average. The relative strength index was at 25.8, implying that the stock may be oversold.
Out of the 49 analysts tracking the company, 31 maintain a 'buy' rating, nine recommend a 'hold' and nine suggest a 'sell' on the stock, according to Bloomberg data. The average 12-month consensus price target implies an upside of 18.3%.
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