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Indian Indices Continue to Fall, IT Sector Growth Projections, and Top Stocks in Action
Wed, 21 Feb Pre-Open | Karan Janani, TM Team

On Wednesday, share markets in India opened in green but ended on a weak note.

The BSE Sensex closed lower by 71 points to end the day at 33,704. While the broader NSE Nifty ended the day lower by 18 points to end at 10,360 levels.

Among BSE sectoral indices, realty index fell the most by 0.6%, followed by bank stocks at 0.6%. M&M and Axis Bank were among the top losers.

Top Stocks in Action Today

Punjab National Bank (PNB) share price is likely to be in focus today after rating agency Moody's said it has it put the stock on a downgrade warning.

NTPC share price is among the stocks to watch, after reports that the state run power major, will call bids in a month to acquire hydropower plants of upto 1000-mw capacity.

The company in November called bids from developers and lenders to acquire coal-based power plants.

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IT Sector Growth to Remain Flat

For the second year in a row, software industry lobby Nasscom on Tuesday projected a flat growth revenue scenario for the industry in FY19, clipping at 7-9% over FY18.

Information Technology sector body Nasscom expects the IT and BPO industry in the country to grow around 7-9% in FY19.

Nasscom expects Indian IT industry's export revenues will grow to US$ 135-137 billion from the US$ 126 billion estimated for the current year.

Whereas the domestic revenues are expected to grow by around 10-12% to US$28-29 billion in FY19.

For the IT sector as a whole, Nasscom sees a continuation of global headwinds and uncertainties.

The body Nasscom announces its annual growth forecast on the sidelines of its flagship event, NILF. It, however, deferred its announcement last year owing to global challenges and uncertainties in the business.

In addition, the body said that the industry may hire 100,000 new hands in FY19, which is about 50% lower than what it had projected for this year.

Nasscom had forecast an export revenue growth of 7-8% in FY18, compared to 7.6% in FY17. In FY16, exports earnings rose just 7.6%, while domestic revenue was around 10-11%.

However, despite all the headwinds facing the sector, Nasscom said the mood is upbeat and the trend is positive, which should translate into better business opportunities going forward

Global Financial Markets Struggle

Stock markets around the globe seem to have stuttered in their recovery, as the major global indices broke a five-day winning streak that saw them recover almost half of their losses after a wild sell-off two weeks ago.

In a day of relatively quiet trading owing to market holidays in the United States and China, losses in Europe weighed on stocks globally, which had earlier been propped up by gains in Japan.

Market participants would be keeping a keen eye on the minutes of the US Fed meet held in late January 2018, which are due today. Besides the outlook on rates, participants will be keen to see what, if anything, the Fed makes of the volatility in the financial markets.

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