Sasmita Jena
Bengaluru, 29 September 2024
Nifty IT Index, which measures the movement of major IT services and technology firms in India, ended last week (September 22-27) on a positive note as investors’ buying interest on IT stocks remained intact.
The Nifty IT Index gained 0.26% to end the week at 42,312. The index is now hovering near 52-week range of 43,645. The index took cues from Nifty 50 & Sensex, which touched record high levels during last week.
India’s biggest IT firm, TCS’ share price gained 0.31% to close the week at Rs 4,305 on NSE. Infosys was another gainer last week as its stock price rose 0.33% to Rs 1,908.
HCLTech was the major gainer among large cap stocks as its share price rose 3.16% to close at Rs 1,809. Wipro’s share price gained 0.59% to close at Rs 542 last week.
Midcaps saw a mixed response from investors as some gained, while many saw profit booking last week. Among midcaps, LTIMindtree lost 3.21% to settle at Rs 6,149.10 last week. Tech Mahindra lost 1.24% to Rs 1,607 on last Friday.
Mphasis gained 0.93% at Rs 3,070 last week, while L&T Technology Services lost 1.71% to Rs 5,362.65.
Nasdaq last week:
Last week, Nasdaq Composite gained 0.39% to close at 18,119.59. This is the third consecutive of gain for the technology-heavy index. Nvidia’s shares gained 4.11% to settle at $121.35 last week. Oracle was another gainer with 1.22% gain to settle at $168.74.
Next week’s cues:
- Brokerage reports on Q2 FY25 earnings estimates of Indian IT firms
- Investors likely to be on wait & watch mode before earnings season kicks up from October first week onwards
- Movement of Nasdaq
- Overall movement of Nifty & Sensex
