From heavyweights to broader markets, IT stocks on roll in December – BSE IT hits new high

On the expectations of strong third quarter earnings, the information and technology stocks were on roll, aiding the BSE IT index to touch an all-time high at 37,870 level intraday, eventually to close almost 1 per cent to 37812 during Thursday’s session. 

From heavyweights to broader market stocks almost all contributed to achieve the IT index to reach new high. In this, CyberTech shares jumped most by over 16.5 per cent, followed by Intellect Design up over 7.5 per cent. 

Similarly, Quick Heal, Tanla Platforms, Suvidhaa InfoServe, HCL Infosystem, KPIT Tech and Persistent each gained between 4-6 per cent at the market close, also contributing most the IT index. 

Similarly, the IT heavyweights such as Wipro, Tata Consultancy Services and HCL Technologies each gained between 1-2 per cent at the close. Similarly, Tech Mahindra and Infosys were up 0.7 per cent and 0.6 per cent, respectively at the close. 

On the contrary, 63 Moons Technologies slipped most on the index by almost 4.5 per cent, followed by Expleo Solutions, NIIT Ltd, Cerebra Integrated Technologies each declined over 2.5 per cent at the market close from the 30-share pack of BSE IT index. 

The IT stocks have been in buzz after the global IT firm Accenture reported strong revenue and upgraded its annual guidance by a massive 700bps in mid-December.  

Even the Nifty IT index jumped most in the trade on Thursday, defying the market sentiment and aiding the benchmark indices to end flat with negative bias, so far this month (as of December 29). 

In the small-cap category, 63 Moons Technologies as of December 29 has been a top gainer among the BSE IT Index. It had more-than-doubled in a single month. While CyberTech Systems, Expleo Solutions, Brightcomp Group, D-Link India reported a growth between 30-40 per cent each. 

Among the Sensex 30 components within the IT space, Tech Mahindra had rallied nearly 16 per cent. HCL Technologies had surged 13.5 per cent. Infosys and Wipro were up around 10 per cent each in December so far.