What is the real reason for the Indian stock markets to surge today? Al indications were that it would go down.
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Undeterred by the slowdown in growth of companies in the near to medium term, stocks from the IT sector closed strong today. The pack of gainers was led by Wipro (WIT), whose management had shown a bullish stance for the industry in its conference call held yesterday. The stock was followed by Tech Mahindra, Infosys (INFY)and TCS in that order on the gainers’ pedestal. Factoring in the short term concerns surrounding offshoring, a report from the consulting major, McKinsey, has projected the Indian IT sector to miss its US$ 60 bn export target set for 2010 by around a year. However, McKinsey has also put forward its belief in the value proposition that Indian IT companies can provide to their clients in the long run, while predicting that the industry is sitting on a potential opportunity to treble exports from the current level by the year 2020. That might bring some sigh of relief for long term investors in IT stocks.
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RBI repo rate cuts
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