Analysts feel that any ripples will be felt only if the rise in prices continues in coming weeks. Most of them expect no major corrections in the market in the near term, but recommend that investors pick up quality stocks in the event of a dip.
Infosys posted a nearly 11% increase in first-quarter net profit, but missed analyst estimates and slashed its revenue growth outlook for the fiscal year, blaming spending cuts and delays in decision-making by clients, especially in the key financial services domain.
Every silver lining has a cloud. Infosys announced its first quarter results on Thursday, reporting an 11% rise in profit on-year. However, the company cut its revenue guidance, highlighting the macro challenges for the IT sector. This and more in todays ETtech Morning Dispatch.
"In the short term, we see some clients stopping or slowing down transformation programmes and discretionary work," managing director Salil Parekh told reporters Thursday.
Indias second-largest software exporter projected its revenue in fiscal 2024 to grow 1.0-3.5% in constant currency, or excluding exchange rate fluctuations, compared with the previous estimate of 4.0-7.0%.