India's IT stocks post best week in four

L&T Technology Services

05/07/2024 10:58

** India's IT stocks  .NIFTYIT  jump 4.3% for the week,
rising for 3rd week in a row
    ** Biggest gain since week-ending June 7, when index surged
8.6% on hopes of U.S. rate cuts
    ** This week's gains also on rising odds of a U.S. rate cut
in Sept
    ** Index has surged 8.8% in past 3 weeks
    ** Index has jumped 4% or more in a week only twice before
in 2024
    ** Index has gained 6.2% so far this year, less than the
blue-chip Nifty 50's  .NSEI  near 12% rise
    ** IT companies, which rely heavily on US clients for
revenue, are set to report results from next week
    
    Here's how the index's 10 members fared this week:    
     Stock        Weekly move         RIC             Mean
                      (%)                        recommendation
   Persistent        +12.2          PERS.NS           Hold
    Systems                                      
    Coforge           +7.8          COFO.NS           Buy
    Mphasis            +7           MBFL.NS           Hold
    Infosys           +5.2          INFY.NS           Buy
    HCLTech           +4.2          HCLT.NS           Hold
    L&T Tech          +4.1          LTEH.NS           Sell
     Wipro            +3.9          WIPR.NS           Hold
      TCS             +2.7           TCS.NS           Hold
 Tech Mahindra        +2.1          TEML.NS           Hold
  LTIMindtree         +0.6          LTIM.NS           Hold
 

 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))