Nvidia Q1 Earnings Impact: Nifty IT Outperforms Nifty 50 Following Positive Outlook
Among the Nifty IT stocks, LTIMindtree Ltd. led the surge with a 3.48% increase, reaching Rs 5,276.8. Persistent Systems Ltd. followed, with a 2.53% rise to Rs 5,725.
On Thursday, Nifty IT outperformed the benchmark Nifty 50, driven by positive sentiments from the US market and Nvidia's strong earnings report. While Nifty 50 rose 0.55% intraday, Nifty IT was up by 1.75%.
Nvidia reported better-than-expected earnings and revenue on Wednesday, which significantly boosted market sentiment. The company's booming data center business recorded a year-over-year growth of 73%.
Nvidia's revenue reached $44.06 billion, exceeding the forecasted $43.31 billion. Net income increased by 26% to $18.8 billion
Among the Nifty IT stocks, LTIMindtree Ltd. led the surge with a 3.48% increase, reaching Rs 5,276.8. Persistent Systems Ltd. followed, with a 2.53% rise to Rs 5,725.
Infosys Ltd. climbed 2.36% to Rs 1,608.9, which was followed by Mphasis Ltd. as it saw a 2.16% increase to Rs 2,586.2.
Coforge Ltd.'s share price rose by 1.98% to Rs 8,635 and Wipro Ltd. gained 1.74% to Rs 251.74.
Following behind closely, Tech Mahindra increased by 1.56% to Rs 1,604.9, HCL Technologies Ltd. saw a rise of 1.1% to Rs 1,675.5.
Tata Consultancy Services Ltd. experienced a modest increase of 0.99% to Rs 3,532.5. TCS is a global leader in IT services, consulting, and business solutions.
