18 Dec , 2021 By : Kanchan Joshi
Despite bear-ridden Indian stock market today, IT stocks have been rising since early morning deals. IT major Infosys and Mastek shares are up over 3 per cent, MphasiS share price has surged over 2 per cent, Persistent Systems stock price has gone up near 4.60 per cent whereas Zensar Technologies share price appreciated around 2.95 per cent in the intraday trade session. As per stock market experts, this rise in Indian IT stocks are mainly due to the strong Accenture FY22 outlook.
According to stock market experts, Accenture has increased its guidance for FY22 from 18-19 to 20-21, which is around 10 per cent higher from the current fiscal. After this strong Accenture outlook for FY22, Indian stock market is expecting same strong guidance from Indian IT companies that may reflect in upcoming quarterly result of the Indian IT companies. They said that Indian IT stocks may continue to give upside movement and suggested positional investors to buy Infosys, HCL Tech, Birlasoft, Tech Mahindra and Coforge stocks.
Speaking on the reason for rise in Indian IT stock price today; Saurabh Jain, Assistant Vice President — Research (Retail Equities) at SMC Global Securities said, "Global IT major Accenture has given strong business outlook for FY22. It has increased its guidance from 18-19 to 20-21, which is around 10 per cent higher from the current fiscal. After this strong business outlook from Accenture, Dalal Street is expecting the same from Indian IT companies that has led to bulk buying in IT stocks."
Echoing with Sauravh Jain's views; Ravi Singhal, Vice Chairman at GCL Securities said, "For the last 6-7 years, business numbers given by Indian IT companies have remained more or less in sync with Accenture. So, Indian stock market investors have taken Accenture FY22 outlook as cue to upcoming quarterly results of the Indian IT companies next month. This rise is mainly due to this Accenture guidance and this rise in IT stock prices are expected to continue further."
On top 5 IT stocks in India that one can buy today, Ravi Singhal of GCL Securities listed out Infosys, Tech Mahindra, HCL Tech, Birlasoft and Coforge stocks to buy today.
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