Indian IT stocks set for best monthly gain among sub-indexes

L&T Technology Services

29/11/2024 09:05

** Indian information technology stocks  .NIFTYIT  gain 7%
in November, most among indexes vs benchmark Nifty 50's  .NSEI 
fall 0.2%
    ** Coforge  COFO.NS  and Persistent Systems  PERS.NS  top
monthly pct gainers on IT index, rising 14% and 10%,
respectively
    ** Heavyweights TCS  TCS.NS  and Infosys  INFY.NS  eye best
monthly climb in four months with their gains of 7.5% and 6%
    ** Wipro's  WIPR.NS  5% monthly rise its best in five months
    ** Index gains boosted by Republican Donald Trump's return
to the White House which is expected to result in lower
corporate taxes, a positive for IT sector as it would boost
demand, analysts said
    ** However, IT index gains were capped on Thursday on
concerns over the US Fed's rate cut trajectory
    ** Six of 10 stocks on IT index rated "hold" on avg, while
three stocks including TCS and INFY rated "buy" - data compiled
by LSEG
    ** L&T Tech  LTEH.NS  only "sell" rated stock - data
compiled by LSEG
    ** YTD, IT index up 22% vs Nifty's 11% rise


 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))