InvestorQ : Why did IT stocks like Infosys and TCS rally so sharply on 26 June?
vidhya Laxmi made post

Why did IT stocks like Infosys and TCS rally so sharply on 26 June?

Answer
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3 months ago


The gains in the stock market on 26 June were led by gains in Infosys, HDFC Bank, TCS and Reliance Industries amid positive cues from global markets. While Reliance is understandable, it was quite surprising as to why the technology stocks also rallied so sharply on Friday. One reason was the stellar performance of Accenture.

While Accenture is not an India listed stock, it is considered to a bellwether of the Indian IT markets the same way as Cognizant. Among IT heavyweights TCS surged 5% while Infosys was up by over 7%. Accenture beat analyst estimates for third-quarter revenue and profit on and projected strong bookings for the June quarter, leading to some IT enthusiasm.