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BUZZ-Accenture results reduce probability of negative surprises for Indian IT firms - Morgan Stanley
September 29, 2017 / 5:13 AM / 2 months ago

BUZZ-Accenture results reduce probability of negative surprises for Indian IT firms - Morgan Stanley

** NSE’s Nifty IT index edges down 0.2 pct after rising as much as 0.5 pct earlier in the session; on track to post a sixth straight session of losses

** Infosys Ltd rises as much as 0.7 pct after dropping in the last two sessions

** Tata Consultancy Services Ltd and HCL Technologies Ltd fall nearly 0.7 pct after early gains

** U.S. outsourcing giant Accenture Plc posted better-than-expected revenue for the quarter ended Aug. 31 on Thursday and their forecast for fiscal 2018 growth was in line with analyst expectations

** Morgan Stanley says Accenture results “reduce probability of negative surprises” from Indian IT firms ahead of earnings

** However, Wipro Ltd’s healthcare and energy businesses face challenging market conditions and this could be a drag on the stock - Morgan Stanley

** Meanwhile, Nomura says Accenture outlook does not suggest acceleration next year

** Up to Thursday’s close, the IT index had risen about 1.1 pct this year, while the broader NSE index gained nearly 20 pct

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