A maturing market amid the mayhem
IT stocks shine in a weak market
Top IT companies posted smart gains with Patni Computer leading the sectoral index with a 7 percent rise. Shares of Wipro, TCS and Infosys touched their 52-week highs.
The rupee movement versus the dollar has also been supportive for this industry, which receives significant revenue in foreign currency. The rupee has strengthened to below 48/dollar from near 52/dollar levels in March this year.
According to a report on global outsourcing and offshoring activity by the Everest Research Institute, India continues to capture a large share of new offshore centres being established in Asia.
Investors seem to have been rewarded well with the IT index showing a year-to-date surge of over 80 percent. Do you think there is still more steam left in this sector?