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Dolat Capital Report
CNX IT index/Nifty 50 grew by 3%/10.5% in April-June 2023. We believe tepid discretionary spending led by macro concerns, cost-takeout focus and concerns of recession in U.S. is likely to result in cautious spends globally and delayed decision making in FY24, while some regions like North America pose higher risks to growth rates, especially to mid-caps which is trading at high valuations.
Tier-I names would gain from vendor consolidation exercise at the client end.
We remain underweight on IT sector, neutral on large caps and negative on mid-caps and remain selective with Tata Consultancy Services Ltd./HCL Technologies Ltd./Tech Mahindra Ltd. given better visibility through FY24 outlook.
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