The Nifty IT index rose by 5.14 per cent on Friday (January 12), marking its best performance in a day since July 2020, followed by another 1.9 per cent rally on Monday. With this, the index, which tracks the share prices of India's 10 biggest information technology (IT) services companies, has increased 7.1 per cent in the past two sessions. However, the substantial rally in the index occurred at a time when India's four largest IT companies reported their worst quarterly performance in over five years.
While a coordinated aggressive monetary easing from the central banks is most likely to offer some respite in the near-term, it is unlikely to improve the sentiments.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
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