TCS sparks IT rally! Nifty IT turns green despite Infosys, Wipro drag
Mumbai/IBNS: Shares of major information technology companies remained in focus on Thursday as the Nifty IT index traded in the green during early market hours, media reports said.
The sectoral index rose 0.37 percent to 27,670, recovering from its intraday low and reflecting resilience in select technology stocks despite mixed investor sentiment toward the sector.
TCS, HCL Tech support sectoral gains
The weakness in some frontline IT stocks, including Infosys, was offset by gains in Tata Consultancy Services (TCS) and HCL Technologies, helping the Nifty IT index remain positive.
Among the top gainers in the IT pack were:
- TCS: Up 1.51 percent
- HCL Technologies: Up 0.83 percent
- Oracle Financial Services Software: Up 1.84 percent
- Coforge: Up 0.71 percent
Infosys, Wipro among laggards
A few technology stocks, however, traded lower amid cautious sentiment in the software services space.
The key losers included:
- Persistent Systems: Down 0.58 percent
- MPhasis: Down 0.36 percent
- Tech Mahindra: Down 0.34 percent
- Infosys: Down 0.19 percent
- Wipro: Down 0.18 percent
Mixed sentiment in IT sector
The divergent performance among IT stocks highlights the mixed outlook among investors, with selective buying in heavyweight counters helping the sector outperform despite weakness in some software services companies.
Market participants will continue to monitor global economic indicators, technology spending trends, and currency movements for further cues on the sector's performance.
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