Accenture guidance spooks D-Street, investors trim IT bets

Mumbai: Investors cut exposure to information technology (IT) stocks on Monday as Accenture’s lower-than-expected revenue growth guidance and weak order flows dented sentiment. Analysts said although no major declines are expected, the outlook remains bleak.

Nifty IT fell 1.5% against the 0.6% dip in Nifty. All 10 stocks in the index closed lower. Oracle Financial Services fell 2.7%, while Infosys and HCL Technologies dropped 2.3% each. Tata Consultancy Services and Wipro shed 1.3% and 1.1%, respectively. LTI Mindtree and Tech Mahindra fell almost 1%.