November 5, 2024

IT stocks sparkle: Nifty IT Index gains 1.7% ahead of Q2 results

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IT stocks sparkle: Nifty IT Index gains 1.7% ahead of Q2 results

Source: Business Standard

2 min read Last Updated : Oct 04 2024 | 12:48 PM IST

IT  stocks zoom: Shares of IT companies zoomed on Friday ahead of their second-quarter results for the financial year 2025. The Nifty IT index advanced 1.69 per cent during intra-day deals, with all constituent stocks of the index trading in the green. Analysts’ consensus estimates suggest the IT industry is expected to continue on the path of recovery in Q2, similar to the preceding quarter, rather than sprinting towards growth. The top four firms are expected to have grown between 0 and 4 per cent year-on-year (Y-o-Y).

Among the constituent of the Nifty IT index, L&T Technology Services shares surged 2.76 per cent intra-day on Friday, Infosys shares gained 2.17 per cent, Coforge’s stock price climbed 2.47 per cent, and Tech Mahindra shares rose 2.17 per cent.

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Simultaneously, Wipro’s shares climbed 2.22 per cent, Persistent Systems shares advanced 2.26 percent, LTIMindtree shares edged up 1.16 per cent, TCS shares inched higher by 1.11 per cent, HCL Tech shares rose 1.20 per cent, and Mphasis shares gained 1.33 per cent during intra-day deals on Friday.


The surge came after US unemployment data on Thursday  showed that Americans filing new applications for unemployment benefits rose marginally last week. Hurricane Helene and strikes at ports could distort the labour market in the near term, according to a Reuters report.


Investors now await the US jobs report for September, to be released later today, which is expected to be a key driver for the outlook on US interest rates. Earlier in September this year, US Federal Reserve chair Jerome Powell cut the benchmark interest rate by 50 basis points, marking the first rate cut by the US Fed since 2020.


Meanwhile, the benchmark equity indices, NSE Nifty50 and BSE Sensex, showed a strong recovery on Friday. The Nifty50 jumped 1.37 per cent from the day’s low of 25,094.55 to trade at 25,438.50, up around 0.75 per cent from the previous close of Rs 25,250.10.


Similarly, the BSE Sensex was trading at 83,287.46, up around 0.96 per cent from its previous close of Rs 82,497.10. The index traded in the range of 82,051.86 to 83,326.65 so far today.

First Published: Oct 04 2024 | 12:48 PM IST



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