Shares of Infosys Ltd. INFY rose 0.5% toward a six-month high in morning trading Tuesday, to buck a selloff in the technology sector and the broader stock market. The information-technology consultant’s stock has now gained 3.9% so far in September, putting it on track for a fifth straight monthly gain, which would be the longest such streak since the six-month win streak that ended November 2014. Meanwhile, the Technology Select Sector SPDR ETF XLK was down 1.3% and the S&P 500 SPX was off by 0.5%. The stock’s rally Tuesday comes after President Joe Biden wrapped up a trip to Vietnam and India this week — the Group of 20 summit over the weekend was held in New Delhi — as he looked to strengthen partnerships and develop new collaborations with the countries, while denying it was to fend off China’s attempts to increase its influence in the region. Infosys’s stock has now run up 22.0% since it closed at a 2 1/2-year low of $14.79 on April 25, compared with a 12.6% gain in the iShares MSCI India ETF INDA and a 9.7% advance in the S&P 500 over the same time.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.