Nifty IT up 4% as chip weakness in South Korea aids India

Nifty IT index rose 4% while South Korea's Kospi fell 9%.

VK Vijayakumar of Geojit Investments Limited said weakness in chip trade in South Korea is positive for India.

FIIs are reducing concentration risk in chip stocks despite attractive valuations.

FIIs are moving money to stabler markets with no concentration risk and bright long-term growth prospects.