The Indian equity market opened in red on Thursday. The S&P BSE Sensex was trading in red below its crucial 29,000 mark, while the broader Nifty50 was hovering around its key 8,900 level.
Indian IT major TCS today said that the company is seeing some sequential loss of momentum in its BFSI business in the Unites States.
It also warned of softer Q2 on back of reduced spending by clients in financial business. The analysts are bearish on the entire IT pack and believe that the sector will underperform in coming quarters.
However, industry body Nasscom says that various factors are the reason behind volatility in the sector.
The indices edged lower as index heavyweight IT stocks TCS and Infosys tanked upto 6% after country's largest software services firm issued profit warning.
At 10:36 AM, the S&P BSE Sensex is trading at 28,951 up 25 points, while NSE Nifty is trading at 8,924 up mere six points.Indian IT major TCS today said that the company is seeing some sequential loss of momentum in its BFSI business in the Unites States.
It also warned of softer Q2 on back of reduced spending by clients in financial business. The analysts are bearish on the entire IT pack and believe that the sector will underperform in coming quarters.
However, industry body Nasscom says that various factors are the reason behind volatility in the sector.
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