IT Stocks Outlook for the week – 05 to 09.12.2016
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IT Stocks Outlook for the week – 05 to 09.12.2016
( www.rupeedesk.in )
The information technology sector is not expected to see major buying next week due to
the continued cautious view on the sector and weakness in the broader market. The
domestic market is likely to be volatile next week after Sunday's constitutional referendum
in Italy, with the Reserve Bank of India's monetary policy statement also due on
Wednesday.
As investors will once again retain their cautious view on the sector, the technology stocks
are seen trading in a thin range and are not expected to witness any major gains or fall.
The rupee recovered from its all-time low of 68.86 rupees to a dollar, which it had touched
on Nov 24. The Indian currency, which ended at 68.19 yesterday, is seen stable next week.
The negative impact from the rupee's recovery is seen being offset by lower valuations of
IT stocks and weakening sentiment on other sectors after currency curbs.
The government's move to withdraw and replace high-value currency notes from Nov 9
had dealt a heavy blow to consumption stocks such as those of automobile and fast moving
consumer goods. The shares of Tata Consultancy Services are seen trading sideways and
are likely to fall to 2,040 rupees in two weeks.
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IT Stocks Outlook for the week – 05 to 09.12.2016
( www.rupeedesk.in )
