Wipro set for best week in six years despite heavy sell ratings
In short
Wipro shares were heading for their best week in six years on Friday. Even so, the stock was still down 30% for the year and was the weakest name on the Nifty IT index so far.
The report also said Wipro has the most sell ratings among large-cap IT companies. It did not explain what caused the weekly jump or whether analysts changed their views.
What the reporting says
Wipro shares were headed for their best week in six years on Friday, even as the stock remained the worst performer on the Nifty IT index year to date, down 30%. The publisher summary said the company still has the most 'sell' ratings among large-cap IT stocks. The report did not state what drove the weekly surge or whether the ratings changed recently.
Why it matters
On Friday, Wipro shares were on track for their best week in six years, but the stock still lagged the Nifty IT index year to date, down 30%. The summary also said Wipro had the most sell ratings among large-cap IT companies. The available reporting does not explain the trigger for the rally or whether the analyst mix changed, so the reason for the move remains incomplete.