Market Quote 18 April 2022 By Vinod Nair, Geojit Financial Services
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Below is the daily Market quote 18 April 2022 By Vinod Nair, Head of Research at Geojit Financial Services
"Unfavourable start to earnings season in heavyweight stocks of IT and banking sector led to heavy sell-off. Lower-than-expected results prompted the market to worry about the headwinds faced by IT sector like attrition, wage inflation, lower utilization, and cut in IT spending by industries due to geopolitical and macro issue. The degree of downfall is high because the sector was trading at high valuation and risk of a downgrade in outlook has increased"
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