Nasdaq-beating market rally sends BSE IT Index to a record high

The surge in Indian technology shares is proving to be stronger than the Nasdaq-100 Index’s relentless rally.

The 50-member S&P BSE Information Technology (BSE IT) Index jumped to a record high this week, taking its advance since the end of March to more than 40 per cent, and eclipsing the tech-heavy US gauge’s 36 per cent gain in the period.

Blowout quarterly earnings reported by some of India’s biggest software firms in July have boosted shares, while spurring analysts to upgrade their profit forecasts for the sector by the most since 2013.