Wipro share price: The stock today slipped 4.24 per cent to hit a day low of Rs 479.45. It was last seen trading 2.49 per cent lower at Rs 488.25. At this price, the scrip has climbed 16.62 per cent in last six months and 2.32 per cent on a year-to-date (YTD) basis.
Shares of Wipro Ltd fell sharply in Friday’s trade, in sync with other Indian IT stocks after US software giant Accenture reduced its fiscal 2024 revenue forecast. Accenture is widely considered to be the bellwether for the Indian IT sector as its results provide cues into how clients in major Western markets are faring, key to their revenue flow.
The stock today slipped 4.24 per cent to hit a day low of Rs 479.45. It was last seen trading 2.49 per cent lower at Rs 488.25. At this price, the scrip has climbed 16.62 per cent in last six months and 2.32 per cent on a year-to-date (YTD) basis.
On technical setup, support on the counter could be seen at Rs 483. Resistance may be found at around the Rs 500 zone.
Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, said, “The stock looked weak on daily charts and may slip towards Rs 460 level. Resistance will be at Rs 492.”
AR Ramachandran from Tips2trades, “Wipro looks slightly bearish on daily charts with strong resistance at Rs 502. A daily close below support of Rs 483 could lead to a downward target of Rs 455 in the near term.”
The counter was trading lower than the 5-day, 10-, 20-, 30-day and 50-day simple moving averages (SMAs) but higher than the 100-day, 150-day and 200-day SMAs. The counter’s 14-day relative strength index (RSI) came at 38.18. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The company’s stock has a price-to-equity (P/E) ratio of 29.27 against a price-to-book (P/B) value of 4.89. Earnings per share (EPS) stood at 17.10 with a return on equity of 16.69.
On BSE, around 5.08 lakh shares were last seen changing hands today. The figure was higher than the two-week average volume of 2.30 lakh shares. Turnover on the counter came at Rs 24.63 crore, commanding a market capitalisation (m-cap) of Rs 2,54,535.52 crore.
Separately, the IT firm recently said its step-down subsidiary, Wipro IT Services LLC has entered into an agreement with General Motors and Magna International, to incorporate a new entity i.e., SDVerse LLC.
Prior to this, Wipro has appointed Anne-Marie Rowland as Capco’s chief executive officer. Rowland will report to Wipro CEO and managing director Thierry Delaporte
and will become a member of Wipro’s executive committee (WEC). Capco, a Wipro company, is a global technology and management consultancy focused on the financial services and energy industries.
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