India's IT stocks post best week in four
** India's IT stocks .NIFTYIT jump 4.3% for the week, rising for 3rd week in a row
** Biggest gain since week-ending June 7, when index surged 8.6% on hopes of U.S. rate cuts
** This week's gains also on rising odds of a U.S. rate cut in Sept
** Index has surged 8.8% in past 3 weeks
** Index has jumped 4% or more in a week only twice before in 2024
** Index has gained 6.2% so far this year, less than the blue-chip Nifty 50's .NSEI near 12% rise
** IT companies, which rely heavily on US clients for revenue, are set to report results from next week
Here's how the index's 10 members fared this week:
Stock | Weekly move (%) | RIC | Mean recommendation |
Persistent Systems | +12.2 | PERS.NS | Hold |
Coforge | +7.8 | COFO.NS | Buy |
Mphasis | +7 | MBFL.NS | Hold |
Infosys | +5.2 | INFY.NS | Buy |
HCLTech | +4.2 | HCLT.NS | Hold |
L&T Tech | +4.1 | LTEH.NS | Sell |
Wipro | +3.9 | WIPR.NS | Hold |
TCS | +2.7 | TCS.NS | Hold |
Tech Mahindra | +2.1 | TEML.NS | Hold |
LTIMindtree | +0.6 | LTIM.NS | Hold |
Reporting by Nandan Mandayam in Bengaluru
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