IT Stocks Outlook: 23-27.07.2012

[rupeedesk]

IT Stocks Outlook: 23-27.07.2012

                      

Stocks of major information technology companies may trade in a range next week mainly tracking the broader market movement. The market may get some reprieve as Reliance Industries reported better-than-expected Apr-Jun earnings yesterday. Movement in the sector will also be stock-specific as the sector will be eyeing Apr-Jun earnings of major companies such as Wipro Ltd and HCL Technologies. Wipro Ltd and Polaris Financial Technologies Ltd are set to announce Apr-Jun earnings on Tuesday, while HCL Technologies will be detailing its earnings Wednesday.                      Wipro is seen reporting a 10% sequential and 22% on-year growth in its Apr-Jun consolidated net profit to 16.24 bln rupees mainly on foreign exchange gains. The guidance given by Wipro will be crucial for the sector and be closely eyed (by the sector). If Apr-Jun numbers of HCL Technologies are positive, as per the market expectations, it may lend firm support to the sector in the week ahead.

By RUPEE DESK

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