IT leads Indian shares higher as markets rebound from multi-year lows
INDA•Indian benchmarks Nifty 50 and Sensex rose 1.3% each in a technical rebound from multi-year lows. IT stocks gained 3%, led by TCS, which jumped 5.2% after reporting higher-than-expected second-quarter net profit and steady margins.
1. Indian shares rebound
The Nifty 50 and Sensex rose 1.3% each after hitting multi-year lows on Thursday. The benchmarks were up 0.4% and 0.7% for the week, respectively, and on course to snap their longest weekly losing run in 25 years.
2. IT stocks lead gains
IT stocks gained 3%, with TCS rising 5.2% after higher-than-expected second-quarter net profit and steady margins. Two analysts said rising AI revenue and international business growth were aiding the rally, while demand remained muted and client spending weak. Hexaware gained 5% after signing a multi-year deal with Anthropic.
