Sasmita Jena
Bengaluru, 2 September 2024
Nifty IT Index, which measures the movement of major IT services and technology firms in India, ended last week (August 30, 2024) near its 52-week high level as investors were hopeful of a likely recovery in the IT sector on the back of higher demand from the US. The IT index ended last week up 2.70% at 42,787.80.
India’s biggest IT firm, TCS’ share price gained 1.12% to close the week at Rs 4,562.70 on NSE. This was second consecutive week of gain for the IT major. Infosys was the biggest gainer last week as its stock price moved 4.14% up at Rs 1,949.85.
Similarly, HCLTech gained 4.63% to close at Rs 1,749.10, while Wipro’s share price was up 3.46% to Rs 539 last week.
Among midcaps, Mphasis remained almost flat at Rs 3,093 last week, with a marginal gain of 0.02%. L&T Technology Services continued its good run for the second consecutive week as its share price gained 3.36% to close the week at Rs 5,715 on investors’ continued buying interest. Company’s plan to make its each vertical a billon dollar revenue segment was resonated positively among investors.
LTIMindtree gained the most as its share price moved 7.49% up at Rs 6,151.60 last week. The company was the biggest gainer among mid-tier IT services firms. Tech Mahindra posted a gain of 0.90% at Rs 1,635.55 during this period.
Nasdaq last week:
Last week, Nasdaq ended the week 0.86% lower at 17,713.62 as the Nvidia’s earning failed to cheer the investors. The late recovery in the market showed the optimism among investors with regard to likely rate cut by the US Federal Reserve in the coming weeks.
This week’s cues:
- The US market, especially Nasdaq
- Reaction of Indian market with regard to Q1 GDP data & other macroeconomic data points
- FII buying interest as it turned positive in 2024
- US Federal Reserve decision and commentary
