IT stocks today: Shares of Indian IT companies like Infosys, Wipro, Tata Consultancy Services (TCS), HCL Tech and Persistent Systems, are likely to remain in focus on Friday, October 9, as several global and domestic developments could influence investor sentiment towards the sector.
IT stocks are likely to remain in focus following Thursday evening’s developments around H-1B visas and TCS’s September-quarter results, which marginally surpassed market expectations.
“Today, the Indian IT sector finds itself at the epicenter of a massive tug-of-war, caught between a severe regulatory crackdown in the United States and a spectacular earnings breakout from industry bellwether Tata Consultancy Services,” said Seema Srivastava, Senior Research Analyst at SMC Global Securities.
US President Donald Trump’s administration has suspended these companies from the Permanent Labour Certification Programme, which enables employers to seek green cards for workers on H-1B visas.
The US administration alleges that these IT giants have abused the H-1B visa infrastructure to undercut American wages, pointing to hundreds of thousands of labor certifications secured over the last decade.