While discretionary spend by global enterprises is likely to negatively impact all Indian IT firms, more revenues from products and less exposure to financial services segment are likely to lessen the impact for HCL Technologies and Tech Mahindra.
Sectorally, BSE metal, basic materials, energy, realty, power, oil and gas, finance, FMCG, bankex and telecom indices fell up to 1.71 per cent.
With automation taking place at a much faster pace across industries especially in the tech space, domestic software firms that employee over 16 million are set to slash headcounts by a massive 3 million by 2022, which will help them save a whopping $100 billion mostly in salaries annually, says a report. The domestic IT sector employs around 16 million, of them around 9 million are employed in low-skilled services and BPO roles, according to Nasscom. Of these 9 million low-skilled services and BPO roles, 30 per cent or around 3 million will be lost by 2022, principally driven by the impact of robot process automation or RPA. Roughly 0.7 million roles are expected to be replaced by RPA alone and the rest due to other technological upgrades and upskilling by the domestic IT players, while it the RPA will have the worst impact in the US with a loss of almost 1 million jobs, according to a Bank of America report on Wednesday.
Top Indian IT services companies - TCS, Infosys, Wipro and HCL Tech - have said that they would continue to hire freshers through campus interviews, though lateral hiring will be mostly on exception basis.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
Infosys, HCL might fare marginally better than TCS.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
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Among the Sensex constituents, Larsen and Toubro emerged as the top performer with a gain of 2.76 per cent after the company announced winning large contracts from domestic clients.
The total market cap of all the listed companies in the country, however, rose by about Rs 18,00,000 crore during the fiscal, counting close to 100 that got listed during the year.
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Situated in a special economic zone in Noida, HCL Technology's upcoming campus is spread across 46 acres of land. The half-constructed new HCL tech-hub provides a picture of the grandeur that is to follow as the campus is scheduled to be completed in the next five years.
The broader NSE Nifty also settled lower by 23.10 points, or 0.19 per cent, at 11,922.80.
Apart from such advisory, IT biggies such as TCS, Infosys and HCL Tech among others have been pursuing 'remote working' model to overcome the situation.
In the last nine sessions, the Sensex had lost 1,940.73 points and the Nifty has given away nearly 600 points.
Tata Motors drove the Sensex rally for the second session in a row, surging over 8 per cent. Other top gainers were Bharti Airtel, TCS, Bajaj Finance, PowerGrid, IndusInd Bank and State Bank of India -- rising as much as 5 per cent.
Gaurav Garg, Head of Research, CapitalVia answers readers' stock market queries.
Yes Bank was the biggest gainer in the Sensex pack, rallying 11.48 per cent amid reports that private equity firms have showed interest in buying a major stake in the private sector lender.
Among major Sensex gainers, ITC rose the most by 2.32 per cent, followed by TCS, M&M, SBI and Bharti Airtel.
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After a positive opening, the 30-share BSE Sensex suddenly faced selling pressure in late-afternoon trade. It finally settled just 5.67 points, or 0.01 per cent, lower at 39,586.41.
Most of the large Indian IT services players, such as TCS, Infosys, Wipro, and HCL Tech, have signalled increased offshoring efforts and opting for local hires in the US, primarily to address the immigration-related challenges.
Sectorally, bankex suffered the most by dropping 2.62 per cent, followed by finance 2.44 per cent and realty 1.63 per cent. On the other hand, telecom was among the top sectoral gainers, rising 4.60 per cent. IT index rose 2.62 per cent.
The fall was led by banking stocks, with IndusInd Bank, Kotak Bank, Federal Bank, Axis Bank, ICICI Bank, HDFC Bank and SBI declining up to 2.36 per cent.
The laggards in the Sensex kitty were Vedanta, Tata Steel, M&M, HCL Tech, Bharti Airtel, Maruti Suzuki, L&T, Asian Paint and HDFC
Tech stocks proved a major focus of the market on Monday after HCL Tech announced the bagging of a major overseas BPO order.
NTPC was the biggest loser in the Sensex pack, tumbling 2.25 per cent, followed by Tata Motors, Bharti Airtel, PowerGrid, HDFC, Reliance Industries, Hero MotoCorp and M&M that shed up to 1.85 per cent.
The market proved tenacious in afternoon trades on buying interest in Old Economy and FMCG stocks. In addition, renewed buying was observed in banking stocks.
The broader NSE Nifty, on the other hand, ended 2.70 points, or 0.02 per cent, lower at 11,555.90 in its third straight day of losses.
The Sensex opened with a positive gap of 23 points at 4,281.
Sensex lost ground towards the fag-end on selling in old and new economy stocks, and finally finished with a loss of three points.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries
Select companies in infra, capital goods, private banks, auto, oil & gas, and mining could be considered by investors.
ICICI Bank topped the Sensex gainers' chart, spurting 5.09 per cent, followed by L&T, Bharti Airtel, Vedanta and Tata Motors, rising up to 4.60 per cent.
In the Sensex pack, Yes Bank, IndusInd Bank, Infosys, ICICI Bank, TCS, SBI, Reliance Industries, ONGC, Axis Bank and NTPC rose up to 2.66 per cent.
The sector will see a minimum of 3-5 per cent of the weight being shed in almost every IT company - particularly the big 20 - because of Covid and not performance-related issues.
The Sensex, which witnessed volatility throughout the trading session, slipped deeper into the red towards the closing hours on steep decline in PSUs, heavyweights, cement and pharma stocks, and finally ended 39 points lower at 4,235.
The Sensex opened positive with a gain of 18 points at 3,596, but slipped immediately on profit-booking in old and new economy stocks, and touched a low of 3,573.
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