JM Financial cautious on IT sector, advises against aggressive buying

Brokerage JM Financial Institutional Securities is little cautious on IT sector given uncertainty surrounding budgets and decision making, particularly in the crucial US market.

Abhishek Kumar, IT Analyst at JM Financial Institutional Securities, “We wouldn’t advise investors to really go long on Indian IT at this stage.” While acknowledging that the recent correction in IT stocks might have already factored in some potential earnings cuts due to these delays, they believe it’s not yet time for aggressive buying.

The Nifty IT index is currently…