Journalism of Courage
Shares of Indian software companies surge on expectations of improving business prospects due to the rupee’s depreciation and recovery in the U.S. market.
Tata Consultancy Services (TCS) Ltd is up 3.4 per cent,Infosys Ltd gains 1.7 per cent,while Wipro Ltd is up 2.9 per cent.
Multiple dealers say overseas funds from Singapore and Hong Kong are lapping up IT shares on every level,citing them as a defensive play on U.S. recovery.
“There is lack of buying choice in the market at the moment and therefore IT stocks are somewhat enjoying a premium over rest of the Indian shares,” an institutional salesperson told Reuters.
Also,the weight of the IT sector in the Nifty will rise after Wipro Ltd’s inclusion from September 27.
