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    Nifty IT index stocks: Will announcement of Q2 earnings mark the end of bad times for them?

    Synopsis

    While IT stocks have been underperforming the broader market for more than a year, But at this point of time as second quarter results start to pour in, they witnessed another round of sharp correction. This was in the backdrop of some of the US IT services companies indicating that the operating environment is tough at this point of time. But sometimes, even the management are caught on the wrong foot, like in early 2021 when they went on a hiring spree only to reverse in less than two years. Stock Reports Plus, powered by Refinitiv, is a comprehensive research report that evaluates five key components of 4,000+ listed stocks - earnings, fundamentals, relative valuation, risk and price momentum to generate standardized scores.

    Sometimes it is the consensus which is an indication of the end of the trend. Going back to the middle of 2021, IT stocks were on the top of the buy list. Whether large mid and small cap, all stocks across the board were considered “ buy”. Today in October 2023, if one looks at what analysts are saying, it would appear that all things are wrong with this space. Of the IT stocks which are part of the Nifty IT Index, only one has a buy rating, a
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    The Economic Times