From heavyweights to broader markets – IT stocks on roll amid robust earnings from Accenture

The information and technology stocks are on roll during Friday’s session, taking a positive cue from the global IT company Accenture’s strong earnings reported on Thursday. In otherwise market, the Nifty IT Index is the only gaining sector up nearly 2 per cent, while peers are down almost 2 per cent.

The top 4 out of 5 gainers on the Nifty50 are from the IT segment. Infosys became a top gainer in an otherwise weak market surged most by 4 per cent, followed by Wipro up over almost 4 per cent intraday. Similarly, Tata Consultancy Services and HCL Technologies each up 2 per cent intraday.

While Tech Mahindra has touched a new 52-week high on Friday to 1674.9 per share, after surging for over 1 per cent intraday on Friday. However, it entered into the red zone by trading flat.

Besides heavyweights, mid and small-cap IT companies such as Mphasis, Mindtree, Larsen & Toubro Infotech were up in the range of 1 per cent to 3 per cent on the exchanges, while Persistent Systems, Sasken Technologies, Zensar Technologies, Mastek and Birlasoft each up between 2-3 per cent.

 At around 02:37 pm, the Nifty IT index, the sole gainer from the sectoral indices, was up almost 2 per cent, as compared to 1.22 per cent decline in the Nifty50 index.

Accenture on Thursday reported robust first-quarter numbers of the financial year 2022, in this regard, the company witnessed a growth of 27 per cent to $15 billion in both US dollars and local currency, it said in an official statement during the mentioned quarter. 

In revenues and growth in local currency, the company reported a 26 per cent jump to $6.9 billion in North America, 28 per cent rise to $5.1 billion in Europe, and a 30 per cent surge to $3 billion in other growth markets across the globe, the company also said in its official release.