BENGALURU: Indian shares closed marginally higher on Thursday, after a slide in IT stocks following weak quarterly earnings and a cautious outlook from top IT firm TCS Ltd trimmed gains, amid rising concerns of a recession in the US The Nifty 50 settled up 0.09% to 17,828, while the S&P BSE Sensex gained 0.06% to 60,431.
Nine of the 13 major sectoral indexes advanced. The benchmarks extended gains for the ninth session in a row and their third consecutive week.
Indian markets will be closed on Friday for a local holiday.
The decline in high-weightage IT, which lost over 2%, offset gains in financials, which rose nearly 1%.
Infosys Ltd, Tech Mahindra Ltd, and HCL Tech Ltd fell more than 2% each, and were the top losers in the Nifty 50 index.
IT stocks fell after TCS flagged concerns of deferred spending and near-term uncertainty in its banking, financial services and insurance (BFSI) segment.
The company reported nearly 15% year-on-year growth in net profit in the March quarter, topping estimates. Analysts said unexpected weakness in the BFSI segment in the US weighed on TCS’ results.
“Outlook is clouded by client caution driving cuts to discretionary tech spends,” according to JP Morgan.
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