Key Points
The Nifty IT index fell by 2.48% as all 10 constituents saw their stock prices drop following US firm EPAM's guidance cut..
The firm cut its CY2023E revenue-growth outlook for the second time on the slowdown in discretionary spending by US companies; declines in shares ranged from 1% to more than 5%..
Kotak Institutional Equities expects IT-company Q4 to be weaker than Q1FY24E, with delays in client decision-making and pullbacks in discretionary spending impacting the sector's growth.iStock..
All 10 constituents of the Nifty IT index declined after a US-based IT services company EPAM cut its CY2023E revenue growth outlook for the second time..
We do acknowledge that the impact on EPAM has been amplified by its high exposure to discretionary spending and certain company-specific factors, the Kotak report said.. While the Indian IT sector has a more balanced portfolio between discretionary and maintenance spending and will likely benefit from cost take-out programs and megadeals, these positives are outweighed by the broader caution in spending, especially in the impacted verticals, it added...
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