IT stocks add $30 billion in a week as Nifty IT logs biggest weekly gain in 18 years
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓IT stocks added $30 billion in market value this week as the Nifty IT index recorded its biggest weekly gain in 18 years.
- ✓The index rallied nearly 12% after software giants showed better results.
- ✓Veteran investor Ramesh Damani said, "I think we are witnessing the early stages of a rotation."
Story at a Glance
- Category
- MARKET
- Reported By
- CNBC TV18
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
A pullback in AI-related stocks globally and better-than-expected results from India’s software giants helped the Nifty IT index emerge as the best-performing sectoral index of the week, reviving investor confidence in the battered sector.
The IT gauge rallied nearly 12% during the week, recording its biggest weekly gain in 18 years. The sharp rebound helped the index outperform other sectoral indices. Until Wednesday, the Nifty IT index had been the worst-performing sectoral gauge this year. The latest rally has narrowed its year-to-date decline to 16%, although it remains better placed than the Nifty FMCG index, which is down nearly 20% so far this year.
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CNBC TV18
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