Calendar year 2023 (CY23) has thus far proved to be a good year for select information technology stocks. In the US, for instance, the tech-heavy NASDAQ has rallied nearly 18 per cent thus far in CY23, and has outrun peers such as the Dow Jones Industrial Average (DJIA) and the S&P 500.
Back home, the Nifty IT index – a gauge of the performance of the IT stocks on the National Stock Exchange (NSE) that has closely mirrored the performance of NASDAQ over the past few years – has lost nearly 2 per cent in CY23.
So, has the correlation between the NASDAQ and the Nifty IT index ended, and will they both now go their own separate ways going ahead?
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