A rally in technology stocks drove up Indian shares more than 1% on Monday, with the market also benefiting from an improvement in the global mood after China eased its COVID-19 curbs.
The market is set for a near-term rally and the beaten down IT segment is likely to stage a good comeback, assisted by short-covering, said V K Vijayakumar, chief investment strategist at Geojit Financial Services, in a note.
Stocks in India's $194-billion IT sector have taken a beating in recent months from growing investor worries about inflation, supply chain issues and the impact of the Ukraine war on client spending.The sentiment on Monday was also underpinned by news that Shanghai will cancel many conditions for businesses to resume work from Wednesday, which along with hopes of an eventual slowdown in U.S.
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