INDIA STOCKS — Indian shares rise, led by IT gains after strong HCLTech earnings
(Updates for morning trade) By Vivek Kumar M Oct 13 (Reuters) — Indian equities rose in early trade on Tuesday, as better-than-expected earnings from software exporter HCLTech spurred investors to pick up beaten-down IT stocks with the central bank's support for the domestic currency also easing sentiment. The Nifty 50 and the BSE Sensex rose 0.9% each to 22,562.1 and 72,564.62, respectively, as of 10:16 a.m. IST. The Indian rupee extended its recovery to 95.25 per dollar after the Reserve Bank of India announced more measures to alleviate pressure on the currency. Information technology stocks gained 3.4%, led by HCLTech's 5.4% jump on strong quarterly results, supported by an improvement in profitability metrics. India's largest IT company Tata Consultancy Services, which reported its quarterly earnings on Thursday, also jumped 5.4%. "The quarterly numbers reported by Accenture, TCS, and HCLTech indicate that the worst of earnings growth concerns for IT companies might be behind us. This is triggering a value buying opportunity in the sector," said Dharmesh Kant, head of equity research at Cholamandalam Securities. The Nifty IT index is down 23% year-to-date due to moderating ea
(Updates for morning trade) By Vivek Kumar M Oct 13 (Reuters) — Indian equities rose in early trade on Tuesday, as better-than-expected earnings from software exporter HCLTech spurred investors to pick up beaten-down IT stocks with the central bank's support for the domestic currency also easing sentiment. m. IST. 25 per dollar after the Reserve Bank of India announced more measures to alleviate pressure on the currency.
4% jump on strong quarterly results, supported by an improvement in profitability metrics. 4%. "The quarterly numbers reported by Accenture, TCS, and HCLTech indicate that the worst of earnings growth concerns for IT companies might be behind us. This is triggering a value buying opportunity in the sector," said Dharmesh Kant, head of equity research at Cholamandalam Securities.
The Nifty IT index is down 23% year-to-date due to moderating earnings growth amid AI disruption to traditional software services business. Meanwhile, reports emerged of rapid tech advances by Chinese chip firm ChangXin Memory Technologies, leading to a global sell-off in chipmakers. The tech-heavy South Korean KOSPI slid 6%, dragging an index of Asian stocks excluding Japan down more than 2%. 54% in September.
While Brent crude futures were down over 1% on the day, prices have persistently stayed above the $100 per barrel level, fanning inflation worries amid a weak monsoon. Fourteen of the 16 major sub-indexes rose. 4%. 7% after The Economic Times reported that Abu Dhabi funds were among those in early stages of discussion to buy a stake in promoter Bandhan Financial Services.
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