IT stocks gain up to 1% on re-election of President Obama

Nov 08 2012, 02:38 IST
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SummaryTCS settled 0.59 pct higher at Rs 1,328.80, while Infosys gained 0.64 pct to Rs 2,399.20 on the BSE.

Shares of IT companies, which earn a substantial chunk of their revenue from the US, today rose up to one per cent amid Barack Obama gettting re-elected as the American President.

Shares of Tata Consultancy Services settled 0.59 per cent higher at Rs 1,328.80, while Infosys gained 0.64 per cent to Rs 2,399.20 on the BSE.

Among others, Wipro was up 0.42 per cent, Tech Mahindra rose by 0.47 per cent, HCL Tech (1.28 per cent), Hexaware Tech (0.61 per cent) and Mphasis (1.29 per cent).

Following the gain in these stocks, the BSE IT index ended at 5,817.46, up 0.66 per cent.

Brokers said investors and the Indian industry cheered the re-election of US President Barack Obama, raising hopes that his continuity will be good for bilateral relations and global economic growth.

"Market is hoping that Obama's win as US President could lead to further quantitative easing in near term," Nidhi Sarswat, Senior Research Analyst at Bonanza Portfolio, said.

According to Head of IIFL (Research) Amar Ambani: "The gains in Indian stock indices is a reflection of the optimism that quantitative easing measures would continue under Obama's regime."

Obama's re-election as the US President pushed the BSE benchmark Sensex up 85 points to close today at a one-month high of 18,902.41.

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