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“I would reckon that with earnings disappointment right now and likely downgrades, the valuations appear more expensive and it will be a case for valuations to moderate further. I do not think TCS is likely to outperform in the near future. Deal wins disappointed in the first quarter as did margins.”

The Dow Jones Industrial Average fell 36.12 points, or 0.12%, at the open to 31,348.43.

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“The portfolio remains primarily geared to the domestic demand story in India. The portfolio is 40% invested in India, with a 27% exposure to China and another 11% allocated to Taiwan and Korean technology. There is also a 24% allocation to energy, resources and gold. This latter allocation in commodity-related plays will be maintained,” Wood said.

"The NSE barometer has reached its daily upper Bollinger Band as well as the upper end of a rising channel. In terms of the Fibonacci retracement, it has done little more than 61.8 per cent of the June fall. Thus, sustainability at this level will be crucial to determine further extension in the upmove. If Nifty50 crosses July 8 high of 16,275, it can head towards 16,500 in the short term," Ratnaparkhi said.

​​ While announcing its June quarter results, TCS’ workforce stood at 606,331, a net addition of 14,136 employees during the quarter. “IT services attrition was 19.7% on the last twelve months’ basis,” it said in a statement. In the March quarter, TCS had said that the rate of attrition was at 17.4 per cent.

In a filing to BSE, the IT major said the interim dividend would be paid on August 3, to equity shareholders of the IT firm, whose names will appear on the register of members of the company or in the records of the depositories, as beneficial owners of the shares, as on July 16, the record date fixed for the purpose.

In the previous trade, the yellow metal had settled at Rs 50,516 per 10 grams. Silver, however, declined by Rs 303 to Rs 56,540 per kg from Rs 56,843 in the previous trade.

Nearly $63 billion flowed into cash in the week through July 6, while global equity funds had redemptions of $4.6 billion, according to Bank of America Corp. note citing EPFR Global data. US stock funds still saw their second week of additions, while global bonds had their biggest inflows in 14 weeks at $2.4 billion thanks to the buying of Treasuries and government debt, Bank of America said.

"Gains for the currency were short-lived even after RBI announced forex related measures. Pound held on to its gains after Boris Johnson said he was quitting as prime minister following a rush of ministerial resignations and calls for him to go," said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.