Infosys, TCS, HCLTech: IT stocks bleed as Accenture slashes revenue forecast for FY2024

Nifty Information technology (IT) index has been on tear as Dublin based information technology (IT) services and consulting company, Accenture lowered its revenue forecast for fiscal year 2024. The company has been grappling with sluggish demand for its IT and consulting services as high interest rates slam the brakes on an industry that benefited from breakneck growth during the Covid pandemic. The latest results hint at the economic uncertainty in global markets that is affecting consultancies and lead to layoffs or a freeze on hiring. The company now expects full-year revenue growth in the range of 1% to 3%, from its prior forecast of 2% to 5%. Accenture's results and outlook have reaffirmed the market's expectations of cautious near-term demand.