I.T Stocks Outlook For The Week - 03 to 06.10.2017
I.T Stocks Outlook For The Week - 03 to 06.10.2017
( www.rupeedesk.in )
Stocks of information technology companies are seen rising this week, aided by weakness in the rupee. Since IT companies earn nearly 60% of their revenues in US dollar, depreciation in the rupee boosts their earnings. This week, the Nifty IT index is expected to find support at around 10,400 points and may find resistance at around 10,700 points. Apart from depreciation in the rupee, resumption of premium processing for all H-1B visa petitions and lowering of corporate tax in the US would turn out to be positive for the IT companies. Investors would find IT and pharmaceutical sectors for defensive investment, as banking sector looks weak, but would be selective. Broader market, however, is cautious ahead of the fourth bi-monthly monetary policy for 2017-18 (Apr-Mar) scheduled for Wednesday.
Source : Cogencis Information Services Ltd.
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( www.rupeedesk.in )
Stocks of information technology companies are seen rising this week, aided by weakness in the rupee. Since IT companies earn nearly 60% of their revenues in US dollar, depreciation in the rupee boosts their earnings. This week, the Nifty IT index is expected to find support at around 10,400 points and may find resistance at around 10,700 points. Apart from depreciation in the rupee, resumption of premium processing for all H-1B visa petitions and lowering of corporate tax in the US would turn out to be positive for the IT companies. Investors would find IT and pharmaceutical sectors for defensive investment, as banking sector looks weak, but would be selective. Broader market, however, is cautious ahead of the fourth bi-monthly monetary policy for 2017-18 (Apr-Mar) scheduled for Wednesday.
TCS - Down
Infy - Up
Wipro - Down
HCL Tech - Up
Techm - Up
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Source : Cogencis Information Services Ltd.
