IT stocks rally for the second straight session – 4 out of 5 heavyweights hit new 52-week high

The information and technology (IT) heavyweights’ shares were on roll during Friday’s trading session, as at least four out of five IT major companies such as HCL Tech, Infosys, Wipro and Tech Mahindra has hit a new 52-week high on the NSE intraday today. 

Individually, HCL Tech and Wipro surged most by around 3 per cent to Rs 1377.75 and 699.15 per share, followed by Infosys up by near 2 per cent to Rs 1788 per share and Tech Mahindra gained over 1 per cent to Rs 1547.85 per share on the NSE on the record-high market on Friday.

See Zee Business Live TV Streaming Below:

While the TCS, the fifth IT major in the list also surge almost 1.5 per cent to Rs 3944 per share on the NSE intraday today, the stock on September 16, 2021, had hit its 52-week high of Rs 3981 apiece.

The surge in the overall IT sector was, perhaps led by the strong revenue guidance by global IT firm Accenture for the financial year 2021-22 (FY22). The company forecasts 12-15 per cent revenue growth for FY22, moreover, it achieved $50.5 billion in revenue in the current fiscal.

The Nifty IT index closed around 1 per cent to 37103.25 level, up 286.35 points on Friday, aiding the most to the Nifty Index, which ended at record high level to 17853 levels during Friday’s trade.

While Larsen & Toubro Infotech was the most gainer on IT index, up over 3.5 per cent, followed by Mindtree up over 1 per cent and Mphasis up near 1 per cent at the market close on Friday.

OFFS and Coforge ended flat on the NSE with former ending with positive bias and the latter ending with negative. 

KPIT Technologies, Mphasis, Cyient, Sonata Software, Wipro, Zensar Technologies and L&T Technology Services were up in the range of 3 per cent to 7 per cent on the BSE.

While Tata Elxsi, Mindtree and Persistent Systems were among the 14 stocks from the S&P BSE IT index hitting their respective record highs intraday today.