Indian IT stocks recorded their best day in six months, led by a rally on Friday following positive results from tech giant Tata Consultancy Services Ltd.
On Friday, the Nifty IT index rose as much as 4.5% during intraday trades, the biggest single day gain in over six months.
Investors bought Rs 7,000 crore worth of Nifty IT stocks, bringing the total delivery quantity for the index to 44%, while the total trade in the index was Rs 16,000 crore on Friday.
Infosys Ltd. saw the highest delivery as a percentage of total volume traded at 61%, amounting to Rs 1,900 crore, while TCS saw the highest delivery volume at over Rs 2,500 crore.
IT stocks had shown muted performance since the start of the calendar year 2024, with the benchmark ranking among the worst performing sectors before the surge recorded on July 12.
First-quarter results for TCS showed marginally higher figures than consensus estimates, according to analysts tracked by Bloomberg, despite a sequential decline in net profits.
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