IT stocks gain on his return to the White House

November 08, 2012 01:12 am | Updated 01:12 am IST - MUMBAI:

Shares of IT (information technology) companies, which earn a substantial chunk of their revenue from the U.S., rose up to one per cent amid Barack Obama getting re-elected as the American President.

Shares of Tata Consultancy Services settled 0.59 per cent higher at Rs. 1,328.80, while Infosys gained 0.64 per cent to Rs. 2,399.20 on the BSE.

Among others, Wipro was up 0.42 per cent, Tech Mahindra rose by 0.47 per cent, HCL Tech (1.28 per cent), Hexaware (0.61 per cent) and Mphasis (1.29 per cent). Following the gain in these stocks, the BSE IT index ended at 5817.46, up 0.66 per cent. Brokers said investors and the Indian industry cheered the re-election of Mr. Barack Obama, rising hopes that his continuity will be good for bilateral relations and global economic growth.

“Market is hoping that Mr. Obama’s win as the U.S. President could lead to further quantitative easing in near term,” Nidhi Sarswat, Senior Research Analyst at Bonanza Portfolio, said.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.