Technology shares in demand; Nifty IT index rises 2%, TCS nears record high

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Technology shares in demand; Nifty IT index rises 2%, TCS nears record high - Business Standard

Quick Summary:

The Nasdaq rose more than 2% on Thursday after July the US retail sales data signalled resilient consumer spending, allaying fears of an imminent recession in the world's largest economy.

At 10:03 am; Nifty IT index was the top gainer among sectoral indices up 1.8 per cent, as compared to 0.66 per cent rise in the BSE Sensex.

After a slew of earnings downgrades in previous quarters, Q1FY25 saw no major downgrades, barring a few, analysts at Emkay Global Financial Services said in IT sector report.