Nifty, Sensex Open Higher, IT Stocks Jump 2.73% Despite US Action Against Outsourcing Firms
The Nifty IT index climbed 2.73% as investors bought Indian technology shares despite U.S. limits on major outsourcing firms.
- Indian stock markets opened higher on Friday, with The Nifty index jumping 2.73 per cent despite the US government suspending major IT outsourcing firms from the Permanent Labor Certification Program.
- Labour Secretary Keith Sonderling announced Thursday that the government suspended major firms including Cognizant, Infosys, Tata, Wipro, HCL, Capgemini, Microsoft, and Adobe from the Permanent Labor Certification Program.
- Sumit Singhania, Head of Research at Bajaj Broking, warned the development adds uncertainty for Indian companies, noting potential pressure on operating margins from higher hiring and compliance costs.
- FIIs have sold equities worth Rs 36,210 crore through exchanges in October, while Brent crude oil prices declined 1.13 per cent to USD 103.10 per barrel.
- Geojit Investments Chief Investment Strategist Vijayakumar said these factors pushed the near-term market structure toward a "sell on rally" approach, as other Asian markets including Japan and Hong Kong traded mixed.
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Sensex jumps 800 points Why are markets rising despite US green-card curbs?
Indian equities rebounded sharply on Friday as IT stocks rallied and dip buyers returned after Thursday's sell-off. The recovery followed company clarifications on US PERM exposure and stronger TCS results, though oil, FII outflows and the RBI stance remained in focus.
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Nifty, Sensex open higher, IT stocks jump 2.73% despite US action against outsourcing firms
Indian stock markets opened higher on Friday, with IT stocks witnessing strong buying despite the US government's decision to suspend some of the world's largest IT outsourcing firms from the Permanent Labor Certification Program.
IT stocks surged despite the US PERM ban. Strong TCS results, strong profits, and AI growth revitalized the market, leading to a 900-point jump in the Sensex on Friday.
IT Stocks Lead Market Rally as Sensex and Nifty Open Higher Amid FII Selling - Business News Week
Mumbai, Oct 9: Indian equity markets opened higher on Friday, supported by strong buying in information technology (IT) stocks following an announcement by the US government regarding the Permanent Labor Certification Program (PERM). The BSE Sensex opened at 71,776.67, gaining 183.43 points, or 0.26 per cent. The NSE Nifty 50 started the session at 22,314.95, […] The post IT Stocks Lead Market Rally as Sensex and Nifty Open Higher Amid FII Selli…
IT Stocks Lead Market Rally as Sensex and Nifty Open Higher Amid FII Selling
Mumbai, Oct 9: Indian equity markets opened higher on Friday, supported by strong buying in information technology (IT) stocks following an announcement by the US government regarding the Permanent Labor Certification Program (PERM). The BSE [...] The post IT Stocks Lead Market Rally as Sensex and Nifty Open Higher Amid FII Selling appeared first on Business News This Week.
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