IT Index ends last week in positive zone

Bangalore: Under review on firm global cues amid good buying support from domestic funds, IT Index traded on positive note last week and emerged as the top performer with a gain of five percent. The index traded in the range of 4842.34 – 5019.60 points. Other indexes which followed IT Index in gainer list are Consumer Durables, Realty and Banking, which traded in the range of 2-3 percent respectively. As on February 16, 2010, value of IT index market is 480,991.74 crore.

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According to the National Association of Software and Service Companies (NASSCOM), the apex body for software services in India, the revenue of the information technology sector has risen from 1.2 percent of the gross domestic product (GDP) in FY 1997-98 to an estimated 5.8 per cent in FY 2008-09. Further, the industry body expects the sector to grow between 4 per cent and 7 per cent during 2009-10 and return to over 10 percent growth next year. Recently in a survey done by global public relations firm Edelman's 'Trust Barometer', IT sector is recognized as the most trusted sector by a majority of people in the country. It is the most trusted sector in India at 88 percent, followed by banks, automotive (79 percent), pharma (75 percent), healthcare (73 percent), entertainment (70 percent). Interestingly, trust in media sector is relatively low 58 percent, the survey revealed.

The Asia-Pacific IT spending, which is expected to grow five percent to reach $515.6 billion in 2010, represents a fast V-shaped recovery for IT spending in the region.