IT cos pray for succour in H2
- The elevated interest scenario has been a drag on the earnings of the IT sector, keeping revenue visibility low
MUMBAI : Information technology (IT) stocks seem to be garnering renewed interest with the Nifty IT index rising 6% so far in November. The better-than-expected October US CPI inflation data has raised hopes that the US Federal Reserve’s rate hiking cycle is nearing its end. If this hope materialises then it should come as a boost especially to the banking, financial services, and insurance (BFSI) sector—a key revenue generator for Indian IT companies.