IT stocks, which are currently up 0.2%, have led the recent slide in the markets, following the weak earnings reports from Tata Consultancy Services Ltd and Infosys Ltd . The benchmark Nifty 50 is down over 1% so far this week, while the heavyweight IT has lost 6%. Investors also awaited Reliance's quarterly results, due post market hours on Friday.
Analysts expected markets to remain choppy in the near term,
as earnings trickle in. "The Nifty patterns suggest that major
decline is unlikely as long as the benchmark traded above the
immediate support level of 17,550," said analysts at brokerage
SMIFS Ltd.
"Time is ripe to accumulate quality stocks which have shown
resilience during the recent corrective move," Ajit Mishra, vice
president - technical research at Religare Broking said.
Among individual stocks, Cyient Ltd surged over 9%
after reporting a 48% rise in revenue in the March quarter on a
strong deal pipeline.
Sterling and Wilson Renewable Energy Ltd lost 8%
after reporting a widened consolidated net loss in the fourth
quarter.
($1 = 82.2400 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; editing by
Eileen Soreng and Janane Venkatraman)
