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Analysts expect IT companies to report subdued performance in the December quarter on the back of seasonal furloughs, continued cuts in discretionary spends, and tumbling deal announcements, among others.
Despite expectations of a muted Q3, analysts are betting on hopes of an improved macro environment for the IT sector as central banks hop on to the rate-cutting cycle.
The IT sectors has been an underperformer in the bull run seen in the market in 2023, largely dragged by a weak macro environment due to prolonger deal conversions as business ramped down on IT spending.
Based on the OI percentage, 65 stocks were on the short-covering list. This included ONGC, National Aluminium Company, Federal Bank, GMR Airports Infrastructure, and Godrej Consumer Products
The BSE IT index has dropped 3 per cent in the last five days against a 1 per cent drop for the Sensex, with Infosys Ltd (down 4 per cent), Wipro Ltd (down 3.49 per cent), TCS (3.17 per cent), Tech Mahindra Ltd (down 2 per cent), HCL Technologies Ltd (down 2 per cent).