IT stocks continue to power Indian shares higher; Nifty eyes best week in six months
BUZZ-IT stocks continue to power Indian shares higher; Nifty eyes best week in six months ** India's share benchmarks Nifty 50 .NSEI, Sensex .BSESN rise 0.5% each, with IT stocks leading the rise after quarterly revenue beat from Tech Mahindra TEML.NS and Wipro WIPR.NS
** TEML, WIPR up 7.5% and 5.3% respectively, leading IT index .NIFTYIT 2.6% higher
** Nine of the 16 major sectors advance; the broader small-caps .NIFSMCP100 gain 0.3%, mid-caps .NIFMDCP100 drop 0.2%
** IT stocks have been rallying this week, building on earnings-driven momentum and the selloff in global AI stocks, say two analysts
** IT index is up 10.4% this week, on course for its best week in 18 years; Nifty is up 2.6%, set for best week in six months
** Among other stocks, Karur Vysya Bank KARU.NS jumps 6% on strong quarterly performance
** Persistent Systems PERS.NS slides 3.4% after brokerages flag margin pressures due to higher amortisation costs in the September quarter
(Reporting by Bharath Rajeswaran in Bengaluru)
((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))
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