On IT services front after rupee depreciation, HSBC said the hopes are running high now as reflected in premium valuations.
It believes Q2FY19 earnings should be decent, but are unlikely to be an upside trigger, and sees relative value in the sector over the broader market.
"2-3 years demand visibility is decent and the rupee weakness provides a margin cushion," HSBC said.
The Indian rupee has depreciated nearly 15 percent year-to-date to hit record low of 73.41 against the US dollar on Wednesday.
The global research house has a Buy call on Infosys with increased target price at Rs 880 from Rs 830 per share earlier and also has Buy rating on HCL Technologies with increased target price at Rs 1,180 from Rs 1,120.
On other stocks like TCS, Wipro, Tech Mahindra, Mindtree and Mphasis, HSBC has Hold call with increased target at Rs Rs 1,990 (from Rs 1,910), Rs 300 (from Rs 290), Rs 780 (from Rs 740), Rs 1,220 (from Rs 1,200) and Rs 1,200 (from Rs 1,190) respectively.
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Source:https://www.moneycontrol.com/news/business/markets/market-live-sensex-dips-200-pts-rupee-off-record-low-europe-trades-higher-3006971.html
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