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Sectorally, Nifty IT index was the lead performer of the day after Q3 scorecard reflected fewer worries than what the Street was expecting
In the last nine sessions, mutual funds lost around Rs 1,460 crore and foreign investors around Rs 2,936 crore following the steep fall in the stock price
Market watchers, however, expects the stock to fall further until clarity emerges on I-T searches which is being viewed as a 'corporate governance issue'
Nifty Pharma is the best performing sectoral index in 2024 so far, after Nifty Realty Index which is up by ~10 percent on YTD basis. Nifty Pharma Index is up by ~3 percent on YTD basis.
Regardless of expectations of subdued growth in Q3, analysts believe management commentary by these companies will take centerstage in the earnings season for IT majors rather than the actual numbers.