Battered Indian Tech Stocks Popular With Retail Investors Recover, Following Similar Path Charted by US Counterparts

By Benzinga
February 2, 2022 Updated: February 2, 2022

Indian tech stocks extended their rally on Tuesday following the strong gains overnight by their U.S. peers—including Tesla Inc. and Apple Inc.

Stock Movement (+/-)
Paytm +5.8%
Zomato Limited +4.8%
Adani Green Energy Limited +3.38%
Infosys Limited +1.9%
Tata Consultancy Services Limited +1.5%

Why Is It Moving?

The benchmark 30-share S&P BSE Sensex was up almost 1.4 percent and the broader NSE Nifty 50 Index has advanced 1.3 percent at the time of writing, with investors looking ahead to the presentation of the much-awaited Union Budget by the Indian government today.

Infrastructure spending is expected to remain the key focus of this year’s budget—along with more allocation towards bolstering India’s healthcare facilities.

The pre-budget Economic Survey 2021-22 tabled in Parliament on Monday projects the Indian economy to grow at 8.0 to 8.5 percent in the next financial year beginning April 1, noting that economic activity has recovered to the pre-pandemic level.

Major Indian companies such as Tech Mahindra Limited, Adani Ports & SEZ Limited, and TTK Prestige Limited are scheduled to report their earnings results for the December quarter today.

By Madhukumar Warrier

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