Nifty IT Nifty IT surges amid US presidential election results; TCS, Infosys among top gainers
Mumbai/IBNS: Indian IT stocks posted impressive gains in Wednesday (Nov. 6) morning trade, propelling the Nifty IT sectoral index up by 4 percent, as Donald Trump is all set to win the 2024 US presidential race.
Stocks like Persistent Systems, LTIMindtree, TCS, Infosys, Wipro, HCL Tech, and Tech Mahindra saw strong gains, ranging from 4 percent to 5 percent.
By 1:50 pm, the IT index remained up 4 percent, with all 10 of its constituent stocks showing positive movement.
While the final results of the US election remain pending, early trends indicate that former President Donald Trump is leading Vice President Kamala Harris, which marks a significant setback for Harris as Trump edges closer to a potential victory.
As Trump’s lead grows, the US dollar strengthened, which benefits Indian IT companies.
These companies generate a significant portion of their revenue in US dollars while incurring most of their operational expenses in Indian rupees.
A stronger dollar helps boost their profitability, making expectations of a Republican victory particularly positive for the IT sector.
Experts believe that a potential Republican win, especially under Trump’s leadership, is likely to further support the dollar, providing a favourable environment for Indian IT companies.
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