Sasmita Jena
Bengaluru, 15 September 2024
Nifty IT Index, which measures the movement of major IT services and technology firms in India, posted a smart recovery last week (September 13, 2024), taking cues from global markets, especially Nasdaq.
The Nifty IT Index gained 2.76% to end the week (Sep 13) at 43,571. The tech-heavy Nasdaq also ended its losing streak and closed 5% up at 17,683.98. Both Nifty and Sensex also ended last week with gains.
India’s biggest IT firm, TCS’ share price gained 1.34% to close the week at Rs 4,521.75 on NSE. Infosys was another major gainer last week as its stock price rose 2.12% to Rs 1,943.
Similarly, HCLTech rose 3.12% to close at Rs 1,809.25, while Wipro’s share price gained 6.79% to Rs 550.10 last week. Wipro was among the biggest gainer among IT stocks as buying interest was seen after the IT services firm announced it was helping JFK International Air Terminal (JFKIAT), the operator of JFK’s Terminal 4, in developing a cloud data strategy, leveraging Microsoft’s Azure Data Platform.
Midcap stocks also saw sound buying interest during the week. Among midcaps, Mphasis gained 4.10% at Rs 3,148 last week, while L&T Technology Services rose 4.26% to Rs 5,779.90.
LTIMindtree was another gainer as its stock price moved 4.68% up to settle at Rs 6,406 last week. The company was also the major gainer the previous week (Sep 6). Tech Mahindra gained 2.66% to Rs 1,655.15 during this period.
Nasdaq last week:
Last week, Nasdaq posted a smart recovery after witnessing heavy selling pressure the week before. The index gained 5% up at 17,683.98. All the frontline stocks gained as investors showed buying interest. Nvidia’s shares gained 13.45% to settle at $119.10 last week. Oracle was another major gainer with 13.62% gain to settle at $162.03 after the company’s results met street estimates.
This week’s cues:
- US Federal Reserve’s next moves on interest rates
- Overall performance of broader market in India- Nifty
- Moves of Nasdaq
