Despite concerns about global slowdown and earnings growth risks, the information technology (IT) sector has contributed significantly to the benchmark Nifty 50’s gains in the last six months. IT stocks have outperformed banks and helped the index surpass the 20,000-mark. Eight out of ten constituents of the Nifty IT index have delivered double-digit returns. The gains have been driven by short covering and fresh bullish positions. The sustainability of this momentum will depend on the September quarter results and guidance for the second half of FY24.
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