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_ |;))
Recent news on Wipro
See all newsJefferies sees re-rating potential for select IT stocks; sub-index jumps 2%
India's battered IT stocks head for best week in 18 years on earnings boost
IT stocks continue to power Indian shares higher; Nifty eyes best week in six months
India's Wipro gains after quarterly revenue beat offsets concerns over weak deal wins (updated)
India's Wipro gains after revenue beat offsets concerns over weak deal wins