Nasdaq is getting trounced by a desi index this year
The S&P BSE Information Technology Index has gained more than 48% this year, trouncing the Nasdaq 100’s performance by about 31 percentage points and heading for the biggest annual beat since 2009.
By Bloomberg |
iStock
India’s technology stock gauge is poised to outperform its U.S. peer by the most in 12 years as demand for automation and easy money at home boosts shares.
The S&P BSE Information Technology Index has gained more than 48% this year, trouncing the Nasdaq 100’s performance by about 31 percentage points and heading for the biggest annual beat since 2009.
The Indian measure -- where Asia’s biggest software exporter Tata Consultancy Services Ltd. and outsourcing giant Infosys Ltd. make up more than half of the weighting -- has benefited from global demand for automation and digital services. The Reserve Bank of India’s benign monetary policy stance and a selloff in China’s tech shares are also aiding flows into the nation’s $3.5 trillion stock market.
