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;))
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