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Shares of Indian IT companies, including Infosys Ltd., Tata Consultancy Services Ltd
. (TCS), Wipro Ltd., and Tech Mahindra Ltd., traded higher by up to 3% on Monday, November 10, as optimism grew around a potential resolution to the US government shutdown.
The Nifty IT index climbed as much as 2% in intraday trade.
Shares of TCS, Infosys, LTIMindtree, Tech Mahindra rose between 1% to 3% in trading on Monday.
Indian equities tracked gains across Asian markets, lifted by hopes that a deal to end the historic 40-day US government shutdown is near. Post-earnings rallies in select stocks also supported the upmove.
Other Asian markets advanced about 1% after the US Senate moved closer to passing a funding bill aimed at reopening the government.
"Optimism surrounding a potential resolution of the prolonged US government shutdown has aided market sentiment," said Abhishek Goenka, founder and chief investment officer at Billionz, in a comment to Reuters.
Analysts said a successful resolution could trigger a short-term rally in global markets. Improving quarterly earnings have also prompted upgrades to corporate profit estimates, supporting overall risk appetite.
On the day, 14 of the 16 major sectoral indices advanced, while the broader midcap and smallcap indices gained about 0.5% each.
Among individual stocks, FSN E-Commerce Ventures Ltd. (Nykaa) rose 4.2% after its quarterly profit more than trebled, supported by steady demand for makeup and skincare products and new tie-ups with global brands.
Lupin Ltd. gained 2.2%, extending its previous session’s 0.4% rise, after reporting a 73.3% jump in quarterly profit, driven by strong demand for respiratory drugs.
Hindustan Aeronautics Ltd. (HAL) rose 2.3% after signing an agreement to purchase 113 engines from General Electric to power an advanced variant of its Tejas fighter jets.
On the downside, Ola Electric fell 2.2% after Moody's downgraded the company’s rating, citing a sharp drop in cash reserves and warning of a potential loan default.
Meanwhile, Lenskart Solutions Ltd. listed at a 1.74% discount to its issue price of ₹402, marking a subdued market debut amid concerns over stretched valuations.
With inputs from Reuters
The Nifty IT index climbed as much as 2% in intraday trade.
Shares of TCS, Infosys, LTIMindtree, Tech Mahindra rose between 1% to 3% in trading on Monday.
Indian equities tracked gains across Asian markets, lifted by hopes that a deal to end the historic 40-day US government shutdown is near. Post-earnings rallies in select stocks also supported the upmove.
Other Asian markets advanced about 1% after the US Senate moved closer to passing a funding bill aimed at reopening the government.
"Optimism surrounding a potential resolution of the prolonged US government shutdown has aided market sentiment," said Abhishek Goenka, founder and chief investment officer at Billionz, in a comment to Reuters.
Analysts said a successful resolution could trigger a short-term rally in global markets. Improving quarterly earnings have also prompted upgrades to corporate profit estimates, supporting overall risk appetite.
On the day, 14 of the 16 major sectoral indices advanced, while the broader midcap and smallcap indices gained about 0.5% each.
Among individual stocks, FSN E-Commerce Ventures Ltd. (Nykaa) rose 4.2% after its quarterly profit more than trebled, supported by steady demand for makeup and skincare products and new tie-ups with global brands.
Lupin Ltd. gained 2.2%, extending its previous session’s 0.4% rise, after reporting a 73.3% jump in quarterly profit, driven by strong demand for respiratory drugs.
Hindustan Aeronautics Ltd. (HAL) rose 2.3% after signing an agreement to purchase 113 engines from General Electric to power an advanced variant of its Tejas fighter jets.
On the downside, Ola Electric fell 2.2% after Moody's downgraded the company’s rating, citing a sharp drop in cash reserves and warning of a potential loan default.
Meanwhile, Lenskart Solutions Ltd. listed at a 1.74% discount to its issue price of ₹402, marking a subdued market debut amid concerns over stretched valuations.
With inputs from Reuters
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