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Indian IT shares rise in the US after Accenture beats expectations

Infosys and Wipro both closed above 6% on the NYSE after Accenture reported results Wednesday.

Reported · Written up by our desk · Asia

Shares of Indian IT companies listed in the US rose sharply after Accenture reported better-than-expected results, according to LiveMint Markets. Infosys shares gained close to 6%, while Wipro ended more than 6% higher on the NYSE following the Wednesday announcement.

LiveMint Markets said experts expect continued strength when Indian IT stocks reopen in the US on Monday, pointing to strong buying after Accenture results and the possibility of a gap-up.

The outlet also cited the importance of the US market for Indian IT firms, saying they earn more than 50% of their average business from the United States and that Accenture plays a major role.

Experts told LiveMint Markets that the market is now looking for similar Q2 results from Indian IT companies, with the expectation that investors may price in that outlook ahead of time.

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