The sectoral index Nifty IT surged 2.7% to an intraday high of 35,875.30 after the IT bellwether Accenture reported its Q3 results. The company threw up a few positive elements, such as strong booking growth and raised the inorganic growth guidance from 2%+ to 3%.

However, Accenture revised its full-year revenue guidance, slashing the growth range to 1.5%–2.5%, compared to the previous growth guidance of 1%–3%.

The company that follows the September to August calendar reported revenue of $16.47 billion, a decrease of 1% year-over-year from $16.56 billion posted in Q3 of FY23. Come from Sports betting site VPbet

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Nifty IT stocks saw an uptrend as soon as markets opened. The top five gainers in the Nifty 50 were IT companies: LTIMindtree, Tech Mahindra, HCLTech, TCS, and Infosys. 

Infosys and TCS alone contributed more than 260 points to the sectoral index. 

Overall, the Indian IT companies were trading at a fair value, and there was no traction in them for some time. The result of Accenture has provided the markets with a good sentimental boost that’s why IT is witnessing a decent move on June 21. This uptrend will last long as the technicals, as well as the fundamentals of the IT companies, are strong enough, said Osho Krishan, Senior Research Analyst at Angel One. He said that most IT companies are trading either above the 200-DSMA or are coming out of it 

Now, the quarterly results (Q1 FY25) of these IT companies will be eyed for the long term, which the companies will start reporting in July, said Osho.

“Accenture acquired 35 companies in FY2024 YTD at a total cost outlay of US$5.2 billion. The company spent $2.3 billion across 12 acquisitions just in 3Q FY24. Accenture has increased inorganic guidance from 2%+ at the beginning of the year to 3%. We believe, given the increase in the pace of acquisitions, the inorganic contribution can be higher in 2H FY24,” said Kotak Securities.