IT stocks rally 2% to lead sectoral gains as TechM, Wipro eye results day
Nifty IT index, which surged 2.04%, was the top-performing sectoral index on the NSE
The Nifty IT index climbed 2.04% to 30,785.45 on Thursday, leading sectoral gains as TechM and Wipro anticipated result announcements. Tech Mahindra was the sector's top performer, surging 3.83% to ₹1,635.50 on high trading volumes before retreating slightly. Wipro followed with a 1.39% gain to ₹173.29, also due to earnings reporting.
HCL Technologies, TCS, and Infosys also saw gains of 3.01%, 2.44%, and 2.25% respectively. Other IT firms like L&T Technology Services, Mphasis, and Coforge added 1.84%, 0.80%, and 0.36% respectively. Persistent Systems and Oracle Financial Services declined 0.31% and 1.80% respectively. The sector's total traded value was ₹5,902.66 crore with a volume of 402.14 lakh shares.
The index's market capitalisation stood at ₹11.53 lakh crore, with a P/E of 18.72 and P/B of 5.28. Despite the IT sector's recovery, the broader Nifty 50 remained pressured, sliding 0.44% to 22,623 after US inflation data raised Fed rate hike concerns. Asian markets also fell on Thursday.
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