Shares of nine IT companies rose by 0.26% to 3.98% at 13:27 IST on BSE after Nasscom reportedly issued a cautiously optimistic outlook for the Indian IT sector.
MindTree (up 3.98%), Hexaware Technologies (up 3.12%), MphasiS (up 2.99%), Tech Mahindra (up 2.94%), Persistent Systems (up 2.88%), TCS (up 2.20%), HCL Technologies (up 2.15%), Infosys (up 1%) and Wipro (up 0.26%), edged higher. Oracle Financial Services Software was down 0.21%.
The S&P BSE IT index was up 1.55% at 12,259.59. It outperformed the Sensex, which was up 0.15% at 33,752.74.
The S&P BSE IT index had outperformed the market over the past 30 days till 20 February 2018, falling 3.34% compared with 5.85% fall in the Sensex. The IT index had also outperformed the market in past one quarter, rising 12.78% as against Sensex's 0.42% rise. The IT index had underperformed the market in past one year, rising 16.31% as against Sensex's 17.18% rise.
The National Association of Software and Services (Nasscom), the industry body of the Indian IT and business process management (BPM) sector, on Tuesday, 20 February 2018, reportedly said the country's IT exports could grow between 7% and 9% in 2018-2019.
R Chandrashekhar, Nasscom president, was quoted by the media as saying that Nasscom estimates a 7-9% growth rate in IT and IT-enabled services for 2018-2019. Domestic revenues may grow slightly higher at 10-12%, while exports, the mainstay, may lag in 2018-19.
Terming the industry body's views cautiously optimistic, Chandrashekhar reportedly said he hoped the export performance of the industry would be better. He said the industry might close the current financial year with a lower-than-projected 7.8% growth rate, and might touch $167 billion in revenues.
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