DBT Bureau
Bengaluru, 26 May
Nifty IT, the index which measures the movement of major IT services and technology firms in India, posted 1.33% rise to close the trading week at 33,824.
Last week, share price of Tata Consultancy Services closed 0.72% down at Rs 3,850.95. Infosys share price closed 1.40% up at Rs 1,462 last week. Meanwhile, Wipro’s share price closed 0.09% down at Rs 462.15 during the week. Similarly, HCL Tech’s share price rose 0.31% at Rs 1,342.20 last week.
Among mid-tier firms, Tech Mahindra shares rose 0.71% to Rs 1,318.55 last week. Similarly, LTIMindtree closed 1.55% up at Rs 4,844 per share during this period. Coforge’s share price ended the week at Rs 5,100, up 9% over the previous week. Similarly, share price of L&T Technology Services (LTTS) rose 1.31% to close at Rs 4,590 last week.
Globally, the Nasdaq Composite ended 1.31% higher at 16,920 during the week. The technology-heavy index scored a fresh record peak last week. The index has also showed a gain of 8.4% so far this month.
Major factor behind the Nasdaq scaling new high was chip giant Nvidia’s sound quarterly earnings. On Wednesday, Nvidia overshot Wall Street estimates as its profit skyrocketed, bolstered by its chipmaking dominance. Its net income rose more than sevenfold compared to a year earlier, jumping to $14.88 billion in its first quarter that ended April 28. Revenue more than tripled, rising to $26.04 billion from $7.19 billion in the previous year.
