Equity Alert: IT shares slump as global financial crisis weighs
MUMBAI--2:25PM--Shares of information technology companies were
down on
concerns of lower revenue and profit growth due to the global
financial crisis,
dealers said.
Indian IT companies earn a major part of their export revenue from
the
financial sector.
Wipro slipped nearly 5% to 393 rupees. Satyam Computer Services
and Tata
Consultancy Services fell over 4% to 338 rupees and 732 rupees,
respectively.
Infosys Technologies declined 3% to 1,580 rupees.
Dealers said selling pressure is also there because investors
expect these
companies to cut their outlooks for the second half of the current
financial
year and for 2009-10 (Apr-Mar) as more global financial majors totter
in
their fight for survival.
"Today, shares of financial companies took a beating in other
global
markets even after U.S. (government's) bail-out efforts. This
indicates
investors are worried about the health of the sector despite
government
efforts," a senior dealer at a domestic brokerage said.
The bias is negative in near to medium term and gains should be
used to
exit the counters, the senior dealer said.
He pegs intraday support for Infosys at 1,575 rupees and Wipro at
390
rupees.
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