Following the development, Mahindra Logistics shares dropped 0.24 per cent to settle at Rs 378.95 on the BSE.
MOFSL likes ICICI Bank, Bharti Airtel, L&T, Kotak MahindraBank, M&M, Titan, BEL, Ultratech, Indian Hotels, and Tech Mahindra among largecaps.
Domestic brokerage firm BP equities has picked 7 stocks on techno-funda basis for the month July which may deliver decent returns to the investors in the near term.
PL Capital said it continues to remain positive on TCS, Infosys, Persistent Systems and Mphasis, which are either less sensitive to discretionary spending or have low exposure to tariff-sensitive verticals.
JM Financial has cut its rating on Tech Mahindra (TechM) to 'Hold' as it believes the recent run-up (18 per cent FYTD) limits upside. Emkay Global also downgraded TechM, along with HCL Tech.
Tier-2 companies are expected to see a divergence in growth performance, with Coforge, Persistent Systems, and eClerx Services Ltd likely to report strong sequential revenue growth.
ICICI Securities said the soft outsourcing deal wins is a dampening readthrough for Indian IT plays, adding that Accenture had tightened its guidance to 6–7 per cent with no revision to the upper-end through FY25.
An analyst from Axis Securities said that Tech Mahindra has decisively surpassed the 'multiple resistance' zone of Rs 1,710 with the current close on a closing basis, which shows a sustained uptrend.
The benchmark index fell 253 points to 24,888. The 50-stock index had gained 600 points in previous six sessions. Sensex crashed 823 pts to 81,691.
Top gainers: Top gainers on Sensex were Kotak Bank, Bajaj Finance, Axis Bank, IndusInd Bank, PowerGrid, Maruti and Bajaj Finserv shares, rising up to 3.19%.
IT shares rise: BSE IT index rose 830 points to 38,042 in the afternoon session today. The Nifty IT index zoomed 876 points to 38,546 in the current session.