TCS, Infosys hit 52-week highs; HCL, Wipro, and Tech Mahindra in green. Why are IT stocks trading higher today?

Indian IT stocks such as TCS, HCL, Wipro, Infosys and Tech Mahindra were trading in positive territory on BSE on Friday (February 2, 2024) after tech stocks in the US market gained.

The US NASDAQ 100 Technology Sector Index jumped by 0.93 per cent, or 91.90, at 9888.86 points, after tech firms Meta and Amazon reported upbeat earning results.  

Let's see how Indian IT stocks are performing after US tech stocks got boost from giants' earning numbers.

TCS

Tata Consultancy Services hit a 52-week high of Rs 3982.05 in morning deals on Friday. The stock of India's biggest IT company was trading higher by 3.31 per cent, or Rs 127.60, at Rs 3979.05 at 11:50 am.

HCL Tech

The IT firm's day's high of Rs 1612.70 was quite close to its 52-week high of Rs 1617.65. Its stock was trading up by 2.04 per cent, or Rs 32.20, at Rs 1608.70. 

Infosys

The IT giant also hit a 52-week high of Rs 1718.60 in morning deals on Thursday. The stock of the firm was higher by 3.30 per cent, or Rs 54.70, at Rs 1711.15.  
 

Wipro

The Bengaluru-headquartered IT company was also in green as the stock rose by 2.75 per cent, or Rs 12.95, at Rs 484.10. 

Tech Mahindra

The stock from the Mahindra group company also traded in green as it was higher by 2.98 per cent, or Rs 39.15, at Rs 1351.10.