However, Nifty IT index has outperformed the market, down 2.1 per cent compared to 2.7 per cent decline in the benchmark Nifty 50 index.
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Among individual stocks, Mindtree slipped 6 per cent to Rs 739, while Hexaware Technologies was down 4 per cent to Rs 265 on the NSE in early morning deals.
Infosys reacts to earnings, Trump order
Infosys, which announced its March 2020 quarter financial performance
post market hours on Monday, slipped 4 per cent to Rs 628 in intra-day trade. The stock, however, recovered partially as trade progressed to Rs 642 levels.
"Despite COVID-19 impact on utilisation, in January-March quarter (Q4FY20), Infosys
was able to defend its gross margins (QoQ, 33.4 per cent), which is comforting. Large deal signings in March 2020 ($1.7 billion v/s $1.8 billion in Dec’19) were impacted. However, it is important to note that run-rate of new deal wins showed a meaningful increase (50 per cent QoQ)," wrote analysts at Motilal Oswal in a post-result note.
The brokerage firm expects supply-side aspects to ease even as Work from Home (WFH) may outlast lockdowns for a significant share of the workforce."In light of the heightened uncertainty in the near term, we were not taken aback by the cautious outlook of the company. Beyond near-term challenges, Infosys
should be a key beneficiary of digital IT spends by enterprises," they said.