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IT index hogs limelight last week

By SiliconIndia | Wednesday, 17 March 2010, 03:33 Hrs

Bangalore: IT index seems to be gaining the most after the budget, as the index emerged as one of the top gainers with a gain of 2.01 percent. The index traded in the range of 5279.26 - 5338.35 points. As on March 17, 2010, the market capitalization value of the IT index is

521,111.52 crore. Among top gainers, the IT index was followed by the Bankex which gained 1.40 percent. On the weaker side, the Realty sector was the largest loser ending 2.09 percent lower and was followed by the Metals index which lost 1.64 percent.

In the recent research being done by global financial firm Moody, it is being known that India is likely to remain a top outsourcing destination. This comes as a sigh of relief at a time when U.S. President Barack Obama came heavily upon outsourcing.

Sherman Chan, Moody's economy.com Economist said, "India will remain a top outsourcing destination because of its tech-savvy and English-proficient urban workforce whose wages are much lower than their western counterparts." After global economy rebounds the business may slowly regain its normal stature.

The $40 billion Indian software and BPO export industry, mainly driven by outsourcing, draws 60 per cent of its revenues from the U.S.

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