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.
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“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.