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After Accenture's better-than-expected results announcement, market experts are expecting a big rally in Indian IT stocks. They said that shares of Indian IT companies listed on the NYSE saw strong buying post-Accenture results, which also hints at a big gap-up opening for Indian IT stocks when they reopen on Monday. Infosys share price finished close to 6%, whereas Wipro shares ended over 6% at the NYSE after Accenture's results were announced on Wednesday. According to stock market experts, Indian IT companies receive more than 50% of their average business from the US, with Accenture playing a major role. After the better-than-expected Accenture results, the market expects similar Q2 results from the Indian IT giants. As the market has a track record of discounting events well before they take place, we can expect strong buying in Indian IT stocks on Monday. Avinash Gorakshkar, Founder of Avinash Mentor Research, said, “After the strong Accenture results, Indian IT stocks witnessed strong buying in the US stock market. Shares of Infosys and Wipro skyrocketed after the Accenture results, which is expected to fuel the positive sentiments about the Indian IT stocks of Dalal Street bulls. Gorakshkar said that IT stocks have around 10% weightage in the Nifty 50 index and around 12% in the BSE Sensex, which may also fuel these key benchmark indices when trading resumes on Monday. On why Accenture results hold the key for the Indian IT companies, Mahesh M Ojha, VP — Research & Business Development at KC Securities, said, “Indian IT companies draw more than 50% of their business from the US. Accenture plays a big role in it. Some Indian IT companies draw more than 50% of their business from the US. So, we are bullish on IT stocks when trade resumes on Monday.” On IT stocks to buy on Monday, Mahesh M Ojha of KC Securities said, “Sagility, Birlasoft, Mphasis, Persistent Systems, and LTIMindtree shares are expected to outperform other Indian IT stocks when the market opens on Monday.” However, both experts maintained that the rally in the IT stocks may fizzle out soon. They advised investors to book a profit rather than hold the position for the long term. They advised IT shareholders to book profit after more than 5% rally in their positions on an intraday basis. Accenture reported better-than-expected fiscal fourth-quarter performance and an upbeat outlook. The US IT giant reported fourth-quarter GAAP earnings of $3.29 per share, beating analysts’ estimates by 11 cents. Revenue rose 6.3% year over year to $18.7 billion, exceeding expectations by about $660 million. Consulting revenue totalled $9.28 billion in the fourth quarter, above analysts' expectations, while revenue from its communications, media and technology segment jumped 11% to $3.26 billion during the quarter, the Dublin-headquartered firm said in a statement on Thursday. Fourth-quarter bookings increased 4% year over year to $22.2 billion, pointing to resilient client spending on IT projects. Disclaimer: This story is for educational and informational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified financial experts before making any investment decisions. Asit Manohar has nearly two decades of experience in the mainstream media. In this period, he has served esteemed media organisations like NDTV Profit, The Economic Times, and Zee Business. He has been working at LiveMint Digital since April 2021. During these two decades of journey in mainstream media, Asit has mainly covered external affairs, markets and personal finance. However, his earliest beats include railways, SME, MSME, and politics (Congress beat). Some of his features on political, economic, and foreign policy are documented in the parliamentary records. <br><br> While pursuing his MA (Mass Communication, Session 2004-06), Asit began his media career as a stringer at All India Radio in Varanasi. At AIR Varanasi, Asit worked with the Gyanvani, Yuvvani and Vividh Bharti teams. After working for nearly one year at AIR Varanasi, he shifted to print journalism and started working as a stringer for the HT Media Ltd, Varanasi. At HT Media Ltd in Varanasi, he covered the BHU beat. <br><br> Asit has also worked with some brokerage houses. He has worked with Religare Broking and India Infoline, where he assisted the research team in developing and executing trade strategies for intraday cash, F&O, and commodities. <br><br> Asit is a Gold Medalist in MA (Mass Communication) from BHU, Varanasi. He did his BSc. (Hons) in Mathematics from Magadh University, Bodh Gaya. Asit was a National Talent Scholarship holder during his senior secondary studies (1988-91). Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.
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