Infosys settles lower ahead of Q3 results
Mumbai: Shares of Infosys Thursday ended marginally lower ahead of its third quarter earnings to be announced Friday.
The stock of IT major settled 0.34 percent lower at Rs 2,320.35 on the BSE.
On the NSE, the stock ended at Rs 2,326.20, down 0.21 percent from its previous close.
"Third quarter is seasonally weak for the IT industry, but weakness in the same period is compounded by extended furloughs and some impact from hurricane Sandy," Rikesh Parikh, VP Markets Strategy and Equities, Motilal Oswal Securities said.
Traditionally, the October-December quarter is a weak quarter for IT companies as the number of working days is lesser compared to other quarters due to the holiday season at the client locations.
Meanwhile, in the broader market the Sensex ended at 19,663.55, down 3 points.
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