DBT Bureau
Bengaluru, 8 June
The Nifty IT index, which measures the movement of major IT services and technology firms in India, posted a smart recovery in the week ended June 7 after the BJP-led NDA under Narendra Modi got a majority in Lok Sabha to come back to power for the third consecutive time.
The Nifty IT index clocked a weekly gain of 8.60% to close at 35,169 on Friday, making a smart recovery from the poor performance shown in past weeks. The index was one of the top performers last week, which took cues from the broader market. The Nifty 50 rose 2% to close at 23,290.15 on Friday as investors were assured of policy continuity with the Modi government coming back to power again.
Last week, the share price of Tata Consultancy Services rose 4.38% to close the trading week at Rs 3,888.55 in NSE. Infosys share price gained 7.93% to Rs 1,531 last week. Meanwhile, Wipro’s share price gained the most among large caps as it gained 9% to Rs 484 during the week. Similarly, HCL Tech’s share price rose 7% to Rs 1,428.50 last week.
The rally in IT stocks also took the mid-cap IT stocks higher last week. Tech Mahindra shares rose 10.39% to Rs 1,372.55 last week. Similarly, LTIMindtree closed 5.42% up at Rs 4,970 per share during this period. Coforge’s share price ended the week at Rs 5,412, up 7.73% over the previous week. Similarly, the share price of L&T Technology Services (LTTS) rose 6.18% to close at Rs 4,802 last week. Among other firms, Sonata Software’s stock price rose 10.96% to Rs 583.50 during the week ended June 8. Similarly, Birlasoft’s share price gained 11.21% to Rs 677.50 last week.
Globally, the Nasdaq Composite ended 1.59% higher at 17,133 during the week. After stronger-than-expected US jobs data pointed to a robust economy, investors were worried about the Federal Reserve’s timing on interest rate cuts.
