Nifty IT stocks remain under pressure post Q3 earnings by top three companies; Wipro sinks nearly 6%

13 Jan 2022 , 11:50 AM

Nifty IT stocks were bearish amid volatile markets on Thursday. The Index struggled after earnings announcement by heavyweights TCS, Infosys, and Wipro on Wednesday. Wipro fell nearly 6% after Q3 earnings while Infosys and TCS were steady in gains.

Indian share markets traded flat. Asian share markets are trading on a mixed note today, despite gains on Wall Street following data showing another spike in consumer prices.

At around 11.50 am, BSE Sensex was trading at 61,206.48 up 56.44 points or 0.09% and Nifty50 at 18,236.70 up 24.35 points or 0.13%. Nifty IT was trading at 38,494.25 down 110.50 points or 0.29%, touching a high of 38,886.85 and low of 38,151.05 during intraday trade on Wednesday.

Infosys was the top gainer in the Index at Rs1,891.95 per piece, up 0.77%. The company reported a higher profit at Rs5,809cr in Q3FY22 against Rs5,421cr in Q2FY22, revenue rose to Rs31,867cr from Rs29,602cr qoq.

Tata Consultancy Services was trading 0.43% higher at Rs3,876.35 per piece. The company reported a higher profit at Rs9,769cr in Q3FY22 against Rs9,624cr in Q2FY22, revenue jumped to Rs48,885cr from Rs46,867cr qoq. It also approved a buyback of 4 crore equity shares for up to Rs18,000cr, at a price of Rs4,500 per share.

Wipro dragged the most at Rs651.90 per piece down 5.7%. The company on Wednesday reported higher revenue at $2,639.7 million in Q3FY22 against $2,580 million in Q2FY22 and expects constant currency revenue growth at 2-4% for Q4FY22.

Coforge also shed nearly 1.6%. The IT index had 5 advances and 5 declines on Thursday.