IT stocks rally ahead of US election outcome; Infosys, Wipro advance 4%

Shares of information technology (IT) companies were in focus in the early morning trade on Wednesday with the Nifty IT index gaining 3 per cent amid counting of votes in the crucial US presidential election. According to the latest trend, Democratic candidate Joe Biden has secured 209 electoral votes so far, while Donald Trump has won 118. A candidate needs to win 270 electoral votes to capture the presidency.

According to market analysts, it would be a win-win situation for the Indian IT sector in both the scenarios. Biden has indicated relaxation in H-1B visa norms while Trump’s win is expected to boost the US dollar, which, will be positive for Indian IT companies as Indian software exporters derive a large share of their business from the US.