www.rupeedesk.in
Stocks of major information technology companies are seen rangebound next week but with a positive bias, as they consolidate after the previous week's fall on uncertainties and worries arising from the draft US immigration bill as well as mixed Jan-Mar results. Appreciation of the Indian rupee against the dollar, the mixed Jan-Mar results and the draft US immigration bill caused IT stocks to fall last week. The Indian IT industry and NASSCOM had raised concerns that the draft US immigration bill will push up operational costs of companies deploying foreigners to work there. Infosys and Wipro also stunned the market with their poor Jan-Mar performances, but the results of Tata Consultancy Services and HCL Technologies provided some relief to the sector reeling under the pressure of global economic uncertainties. Going forward, IT stocks are seen consolidating, taking cue from the upbeat performance of the sector bellwether TCS. The sector is also hopeful that some of the conditions in the draft US immigration bill, which becomes operative, only next year, can be made more practical.
