After prolonged stagnation, technology sector funds now appear to be in recovery mode, in tandem with the global markets. The active (direct) plans of these funds have given a category average return of 5.4 per cent year-to-date, surpassing the 2.7 per cent return of the Nifty50 and the 1.5 per cent return of the Nifty IT index. Altogether 16 (active and passive) funds in this category manage assets worth Rs 25,796 crore (April 30, 2023).
Promising in the long term
Experts say the long-term outlook for the Indian information technology (IT) sector remains promising, notwithstanding the near-term headwinds. Says Vaibhav Dusad, fund manager, ICICI Prudential Mutual Fund, “Over the past years, Indian IT companies have transformed themselves to cater to the demands arising in the new digital era. A technology upgrade cycle, which started during the pandemic, is underway and is expected to last for the next four-five years.&rd
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