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Accenture’s strong Q4 lifts Indian IT stocks, Nifty IT rises intraday

The Nifty IT index climbed as much as 1.6% on the day before giving way to profit booking after Accenture’s October 1 earnings.

Reported · Written up by our desk · Asia

Accenture’s strong Q4 results boosted sentiment for Indian IT stocks, with LiveMint Markets reporting buying interest in TCS, Wipro, Infosys, HCL Technologies, and Tech Mahindra during morning trading on Monday, 5 October.

The Nifty IT index gained about 1.5% to 1.6% in the session before slipping into negative territory later due to profit booking. The index had closed 2.17% higher on 1 October after Accenture reported earnings.

Accenture, a $74 billion consulting and IT services firm that works with 80% of the global 500 corporations, posted fourth-quarter GAAP earnings of $3.29 per share, beating analysts’ estimates by 11 cents. Revenue rose 6.3% year over year to $18.7 billion, according to the report.

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