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Led by Infosys, information technology stocks gained sharply today.
IT bellwether Infosys is scheduled to announce its Q2 results on Wednesday. Though the expectation from market participants is muted on its financial performance, they hope that the company might come out with better future guidance on account of depreciating rupee.
Besides, the central banks in the US and the troubled Euro region were very active to avoid recession. As most of the IT companies depend upon Western nations for revenue, any strong move to bring in stability would be a good news for domestic software exporters.
Nine out of 10 stocks that were part of BSE-IT index gained. Infosys gained 1.04 per cent, Patni Computer 1.36 per cent, Wipro 0.67 per cent and TCS 0.79 per cent. HCL Technologies, Oracle Financials and Tech Mahindra also gained between 0.5 per cent and 1.3 per cent.
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