Information Technology Stocks Witness Profit-Booking Post Infosys Q3 Numbers

Information technology stocks are witnessing intense selling pressure in today's session, post the results announcement by Infosys and Wipro post market hours on Wednesday. HCL Tech, which is due to announce its December quarter numbers on Friday, shed 3.7 per cent at Rs 1,016 on the BSE in early trading, while Infosys and Wipro lost around 3 per cent each post their Q3 numbers. Tech Mahindra also lost 3 per cent on the BSE at opening bell. At 11:10 am, Infosys was trading lower by 1.8 per cent at Rs 1,362.10, while Wipro had shed 2.3 per cent at Rs 448.20 and HCL Tech had lost 3.2 per cent at Rs 1,021.85.

Infosys reported a 16.6 per cent rise in the October-December quarter profit and raised its annual revenue growth forecast, in results announcement post market hours on Wednesday. The Bengaluru-based company's consolidated net profit climbed to Rs 5,197 crore from Rs 4,457 crore a year earlier, beating street estimates.

Wipro reported nearly 21 per cent rise in consolidated net profit to Rs 2,967 crore for the quarter ended December. Revenue rose 1.3 per cent to Rs 15,670 crore. In dollar terms, the revenues grew 3.9 per cent to $2.07 billion from the preceding three months.

The BSE Sensex was trading at 49,477.45, lower by 10.65 points and the NSE Nifty was at 4,650.95, down 3.75 points at the time.