Accenture Q3 adds to positives for IT stocks

Mumbai: Shares of information technology companies rallied Friday after Accenture reported better-than-expected third-quarter earnings. The Nifty IT index gained the most among sectoral indices, ending up 4% Friday. InfosysNSE 6.81 % jumped 6.6% to 747.

Accenture reported adjusted third-quarter profit of $1.9 per share, which was higher than market estimates.

Haitong Securities said Accenture’s strong quarterly performance reflects its pole position in key digital spend areas which helped it gain market share despite expectations of cuts in IT services budgets.