ALSO READNifty IT falls post TCS, Infosys results; sector to underperform Nifty IT index hits 52-week high; TCS nears record high IT shares extend gain; Nifty IT index up 5% in two days Markets snap 4-day record closing trend, end flat; Nifty up 2% for the week Sensex, Nifty end lower for 2nd session, down 0.8%; Infosys sheds 5.4%
Shares of information technology (IT) companies were trading higher with the Nifty IT index hitting 52-week high of 11,432 in intra-day trade on Friday after Accenture raised its revenue forecast for fiscal year 2018 after the company reported a better than expected first-quarter results. At 11:25 AM; Nifty IT index was up 0.54% at 11,436 points as compared to 0.36% rise in the Nifty 50 index at 10,478 points.
Thus far in the December 2017, the IT index outperformed the market slightly by gaining 2.8% against 2.4% rise in the benchmark index. Tata Consultancy Services (TCS), Infosys and MindTree from the Nifty IT index were up more than 1%, while Polaris Consulting Services, Sonata Software, Hexaware Technologies, Ramco Systems, L&T Infotech and eClerx Service from the non-index stocks gain between 3% and 7%. Infosys hit an intra-day high of Rs 1,034, up 1.2%, trading close to its 52-week high of Rs 1,044 touched on March 24, 2017 in intra-day deal. The board of directors of Infosys will schedule to meet on January 11, 2018 and January 12, 2018 to consider financial results for the quarter ended December 2017. Accenture Plc reported a better-than-expected quarterly profit, as the consulting and outsourcing services provider gained from its push into digital and cloud services, the Reuters report suggested. The company also forecast current-quarter revenue between $9.15 billion and $9.40 billion, the low end of which was in line with analysts' estimates, added report. CLICK HERE TO READ FULL REPORT.