India IT stocks surge to 2-year high on TCS, US rates optimism

L&T Technology Services

12/07/2024 07:39

** India's Nifty IT index  .NIFTYIT  surges 4.4% to its
highest since Jan. 2022
    ** Index last up 4%, set for best day since mid-Jan, with
all 10 constituents up 4%-6%
    ** Market-leader TCS's  TCS.NS  Q1 report signals early
signs of recovery for the sector
    ** Moreover, hopes of Fed rate cut in Sept boosted by soft
US inflation data; IT firms get a large part of rev from US
clients
    ** Benchmark Nifty 50  .NSEI  at all-time high; its top 6
pct gainers are IT firms, led by TCS  .BO 
    ** IT stocks now up ~10% YTD, closing gap with Nifty, which
is up 13%

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))