Shillong, April 19: After Infosys share price falling for past three days, data obtained from corporate AceEquity reveals that foreign portfolio investors (FPIs) reduced interests in four IT stocks, including Infosys, Mphasis, and Tech Mahindra, out of the ten Nifty IT index participants during the March quarter.
The institutional category increased its holdings in many technology firms during the quarter, including L&T Technologies, HCL Technologies, and LTIMindtree.
They liquidated a number of stocks, including Infosys, where FPI holdings fell by 120 basis points from 36.28 percent in the December quarter to 35.08 percent in the March quarter.
Not only did Infosys’ quarterly earnings fall short of expectations, but the company’s FY24 revenue growth projection of 4–7 % YoY constant currency (CC) growth was significantly lower than the 13–15% it had given at the beginning of FY23.
The $440 million in net new business wins recorded by Infosys for the March quarter was the lowest amount since the epidemic.
On Wednesday, domestic stocks fell for the third straight day, led by Infosys. The NSE’s Nifty 50 opened at 17,644.05. The BSE’s benchmark Sensex slid 66.7 points, or 0.11 percent, to close at 59,660.31.
Investors’ concerns about the impact of the banking crisis on the IT sector have been raised by the weak Q4 reports from TCS and Infosys, which have decreased local equities.
By 10.45 am, the Nifty was down 30.71 points, or 0.17 percent, while the Sensex was down 101 points, or 0.17 percent.
The stock of Infosys, which was down 1.59% at opening, was the largest loss, while Asian Paints and Hindustan Unilever were each down 1%. The top losers in today’s opening trading included ONGC, Wipro, HCLTech, Tata Consumer, Nestle India, and Sun Pharma.
The top gainers in the opening session were Divis Lab, Apollo Hospitals, Adani Enterprises, Tata Steel, M&M, Eicher Motors, Coal India, HDFC, and HDFC Bank.