Sasmita Jena
Bengaluru, 10 November 2024
Nifty IT index, which measures the movement of major IT services and technology firms in India, witnessed the Trump trade last week as Doland Trump’s win in the US presidential elections cheered investors about growth uptick in the technology space.
The index gained 4% to settle at 42,050.15 last week (ended November 8), taking cues from global markets. Technology heavy, Nasdaq Composite gained 5.85% to close at 19,286.78 last week.
Investors cheered the win of Doland Trump as the next President of the US, who has promised tax rate cut and business-friendly initiatives to boost economic recovery in the North American country. Market participants were betting that any recovery in the US would augur well for technology firms worldwide as they have more funds to deploy in technology space.
The share price of TCS gained 4.38% last week to close at Rs 4,135.65. The gain came after two consecutive weeks’ of fall.
Infosys was another major gainer as its price increased 5.24% to close at Rs 1,825.95 on last Friday. HCLTech’s share price closed 3.79% up at Rs 1,838 last week. Wipro also followed similar trend as its share price gained 3.66% to close at Rs 568.60 on Friday.
Midcaps also had a similar performance last week as investors bet on technology stocks.
L&T Technology Services (LTTS) share price gained 3.46% to close at Rs 5,090.10 last week. LTIMindtree saw its share price moving up by 3.63% to close at Rs 5,907.
Another midcap firm, Tech Mahindra gained 2.95% to close at Rs 1,677.
Persistent Systems increased 5.78% to close at Rs 5,660.40 last week. Coforge also gained last week as its share price ended at Rs 7,929.15, up 4.59% last week.
Week ahead:
- IT Index is likely to take cues from Nasdaq Composite and other key US indices.
- Overall movement of Nifty & Sense amid FII outflows.
- Overall sentiment in tech stocks remains bullish.