Indian engineering research and development services provider L&T Technology Services cut its revenue growth forecast for the current financial year on Tuesday, citing longer deal decision cycles.
“If you look at the 20-day moving average, it has been a great card for that accelerated trend in the midcap index. By mid September, we started to test that 20-day moving average again. Two weeks ago, we broke below it and now we are seeing some choppy volatility around it.”
Going ahead, the market may remain broadly rangebound with a positive bias amid healthy corporate earnings expectations and economic data, while keeping a focus on Israel-Hamas conflict, Chinese GDP numbers and oil prices, experts said.
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At a time when the market is betting on a higher for longer global interest rate view, Accenture s (ACN) weak revenue forecast is a negative read-through for the Indian IT firms, according to analysts.
The Dublin-based company sees its revenue growth at 2-5 per cent in constant currency (cc) for the financial year 2024 (FY24), below the pre-Covid levels of 5-8 per cent for FY17-20.
The weak projection, thus, signals that slower demand is likely to persist this year, and any recovery is unlikely in the near-to-medium term, experts note.