India's IT stocks gain on hopes of resilient AI-driven spending
BUZZ-India's IT stocks gain on hopes of resilient AI-driven spending ** India's Nifty IT index .NIFTYIT rises 3.36%, outperforming Nifty 50's .NSEI drop of 0.02%
** Sentiment boosted after strong earnings from US-based cloud software firm Snowflake boosted optimism around AI spending and demand for software, cloud and IT services
** CLSA says recent earnings, guidance from global SaaS companies suggest no visible negative impact from AI yet, with revenue and margin outlooks remaining stable to improving
** Adds Indian IT companies with strong SaaS partnerships to benefit from product engineering, implementation work as enterprise AI adoption accelerates
** Brokerage PhillipCapital says Snowflake's earnings are a positive read-through for major Indian IT firms including TCSTCS.NS , InfosysINFY.NS , and WiproWIPR.NS
** YTD IT index down 20.75% vs NSEI down 9.9%
(Reporting by Surbhi Misra in Bengaluru)
((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))
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