FPIs remain net buyers on Friday at Rs 1,696 crore. DIIs sold shares worth Rs 3,497 crore. During the week, foreign investors have net pumped in about Rs 4,300 crore.
December is a seasonally weak quarter for IT majors due to higher furloughs, and analysts anticipate a likely impact of postponed wage hikes on margins.
In January, exchanges will remain closed on January 26 on account of Republic Day, which is falling on Friday. Hence, there will be three consecutive days off for investors/traders following a long weekend of Saturday and Sunday.
Indian IT companies may see faster revenue growth starting from Q4FY24 due to a better overall economy and large deal wins, according to BNP Paribas. The firm believes Q3FY24 will be the last quarter of weakness before growth picks up.