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TRADE SET UP

Massive sell off in IT services stocks overnight

Following the release of the company’s third-quarter earnings, which included increased projected credit loss provisioning as a major negative for the quarter, investors will be watching shares of Bajaj Finance Ltd. on Wednesday, February 4.

On Wednesday, February 4, Yes Bank Ltd. shares are under scrutiny following the announcement that Vinay Muralidhar Tonse has been approved by the Reserve Bank of India (RBI) to serve as the bank’s new managing director and CEO.

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GIFT Nifty is lower, trading at a discount of over 30 points from Nifty Futures Tuesday’s close, indicating a start in the red for the Indian market; #IT stocks in focus.

On Wednesday, February 4, shares of Indian IT companies, including Infosys Ltd., Wipro Ltd., Tata Consultancy Services Ltd. (TCS), Persistent Systems Ltd., and Coforge Ltd., will be under scrutiny following a sharp overnight sell-off in US software stocks due to renewed concerns regarding the viability of their business models.

The long-awaited US tariff cuts on Indian imports helped the Nifty record its largest single-day absolute gain of more over 1,200 points on Tuesday.

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