TCS, Tech Mahindra, Persistent Systems among top bets as IT stocks surge 22-92% from their 52-week lows
IT stocks have bounced back in recent months, with the Nifty IT index hitting a fresh 52-week high on September 15. The upswing in sentiment can be attributed to improved order books of companies, stable US inflation, reduced fears of a US recession, and consolidation deals within IT companies.
Indian stock market: Only a few months ago, a significant portion of market participants exhibited caution towards IT stocks. Their apprehension stemmed from concerns about a potential economic slowdown in the Western markets, which represent a substantial customer base for Indian IT firms. This apprehension was primarily driven by the fear that such a downturn could significantly impact the revenue and profitability of domestic IT services companies.
Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!Let’s get started