A maturing market amid the mayhem
Good day for IT stocks
The BSE IT index gained over 1 percent on Monday and ended as the top sectoral gainer in a Mumbai market that rose 45 points.
Shares in Infosys gained 1.5 percent to 2,568 rupees and was the top contributor to the benchmarks rise.
Among the sectoral components, NIIT Tech rose 2.2 percent and TCS closed 0.7 percent higher.
Export-driven outsourcers led the rise on hopes for better order flow from the United States, their biggest market, as a surprise discount rate hike by the Federal Reserve last week indicated a recovery was underway.
India’s export-driven IT sector has sought an extension of a key tax benefit scheme to beyond its 2011 deadline in the budget.
Would you invest in this sector before the Budget?