2 minutes reading Last updated: Oct 4, 2024 | 12:48 pm IST

Zoom IT stocks: Shares of IT companies on Friday zoomed ahead of their second-quarter results for fiscal 2025. The Nifty IT index rose 1.69 percent in intra-day deals with all constituent stocks of the index trading in the green. Analyst consensus estimates suggest that the IT industry is expected to continue its recovery trajectory in the second quarter, similar to the previous quarter, rather than sprinting towards growth. The expectation is that the four largest companies have grown between 0 and 4 percent on an annual basis.

Among the components of the Nifty IT index, shares of L&T Technology Services rose 2.76 percent on Friday, shares of Infosys rose 2.17 percent, shares of Coforge rose 2.47 percent and shares of Tech Mahindra rose by 2.17 percent.

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At the same time, shares of Wipro rose 2.22 percent, shares of Persistent Systems rose 2.26 percent, shares of LTIMindtree rose 1.16 percent, TCS shares rose 1.11 percent, shares of HCL Tech by 1.20 percent and shares of Mphasis rose by 1.33 percent during intra-bourse trading. daily offers on Friday.

The increase came after U.S. unemployment data Thursday showed that Americans filing new claims for unemployment benefits rose marginally last week. Hurricane Helene and strikes at ports could disrupt the labor market in the short term, according to a Reuters report.

Investors are now awaiting the US jobs report for September, due later today, which is expected to be a key driver of the outlook for US interest rates. Earlier in September this year, US Federal Reserve Chairman Jerome Powell cut the key interest rate by 50 basis points, marking the first rate cut by the US Fed since 2020.

Meanwhile, the benchmark equity indices, NSE Nifty50 and BSE Sensex, showed a strong recovery on Friday. The Nifty50 rose 1.37 percent from the day’s low of 25,094.55 to trade at 25,438.50, up about 0.75 percent from the previous close of Rs 25,250.10.

Similarly, the BSE Sensex was trading at 83,287.46, up around 0.96 percent from the previous closing price of Rs 82,497.10. The index has traded between 82,051.86 and 83,326.65 so far today.

First publication: Oct 4, 2024 | 12:48 pm IST