IT stocks continue to power Indian shares higher; Nifty eyes best week in six months
INDA•India’s Nifty 50 and Sensex rose 0.5%, led by IT stocks after quarterly revenue beats from Tech Mahindra and Wipro. The IT index gained 2.6% on the day and was up 10.4% for the week, while the Nifty rose 2.6% for the week.
1. IT stocks lead gains
India’s Nifty 50 and Sensex each rose 0.5%, with IT stocks leading after quarterly revenue beats from Tech Mahindra and Wipro. Their shares gained 7.5% and 5.3%, respectively, lifting the IT index 2.6%; the index was up 10.4% for the week, on course for its best week in 18 years. The Nifty rose 2.6% for the week, its strongest weekly gain in six months.
2. Other stock moves
Nine of 16 major sectors advanced. Small-caps gained 0.3%, while mid-caps fell 0.2%. Karur Vysya Bank rose 6% after strong quarterly performance, while Persistent Systems fell 3.4% after brokerages flagged margin pressures from higher amortisation costs in the September quarter.
