Indian IT stocks expected to fall tracking lowered revenue outlook by Accenture ...Middle East

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Indian IT stocks expected to fall tracking lowered revenue outlook by Accenture
New Delhi: Nifty IT index corrected 5.5 per cent in the last one month and underperformed broader markets by 4.6 per cent on account of muted guidance provided by some of the global services peers for CY24, Emkay Global Financial Services said. Accenture’s management commentary and guidance cut reflect continued softness in near-term demand as clients remain cautious about spending decisions amid macro uncertainties. While ramp-up of large deal wins should aid growth in FY25 for select Indian companies, persisting weakness in discretionary spending puts the consensus estimate of high single-digit growth for large caps at risk, the brokerage said. Deepak Jasani, Head of Retail Research, HDFC

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