The Nifty IT index climbed approximately 2% on November 22, supported by positive labor market data from the United States. Initial jobless claims in the US dropped by 6,000 to a seasonally adjusted 213,000 for the week ending November 16, marking a seven-month low.
This development signals a rebound in US job growth for November, following a slowdown attributed to hurricanes and labor strikes in October. The strong labor market data has positive implications for Indian IT firms, as a substantial portion of their revenue stems from US-based clients.
At 11:55 AM, the Nifty IT index was trading at 42,600.95, reflecting a gain of 1.54% or 648.15 points.
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