Among other top-tier stocks, Tech Mahindra was up 4.51%, Infosys was up 4.40%, HCL Technologies was up 3.80%, and Wipro was up 2.69%.
Release date – Friday, July 23 at 08:00 PM
New Delhi: IT stocks were in demand and rebounded strongly on Friday, helping the benchmark stock index hit a record high.
Shares of market heavyweight Tata Consultancy Services rose 5.13% on the Bombay Stock Exchange (BSE).
Among other top-tier stocks, Tech Mahindra rose 4.51 percent, Infosys rose 4.40 percent, HCL Technologies rose 3.80 percent and Wipro rose 2.69 percent.
Subex shares were up 19.97%, Mphasis Ltd 7.58%, Nucleus Software Exports 7.42%, Sasken Technologies 6.55% and Zensar Technologies 4.43%.
“Controlled inflation in the U.S. has given investors optimism that a 25 basis point rate hike will be enough to stabilize the U.S. economy. This improved outlook has contributed to strong buying in Indian IT stocks,” said Vinod, head of research at Geojit Financial Services. Nair said.
Tracking heavy buying in software and consultancy firms, the BSE IT index rose 4.30 percent to close at 31,296.36 points.
Gains in top-tier IT stocks pushed stocks higher, with the BSE Sensex up 502.01 points, or 0.77%, to close at a new record closing high of 66,060.90. The NSE Nifty gained 150.75 points, or 0.78%, to close at an all-time high of 19,564.50.
Amol Athawale, vice-president of technical research at Kotak Securities Ltd, said: “Better-than-expected earnings from some tier-one tech companies led to sharp gains in IT stocks, sparking a late-day gain that pushed the Sensex to close above the 66,000 mark.”
Shares in Tata Consultancy Services rose nearly 3 percent on Thursday after reporting a 16.83 percent jump in net profit to Rs 11,074 crore in the June quarter.
HCL Technologies reported on Wednesday that its June quarter net profit rose 7.6% year-on-year due to new orders won.
Wipro reported on Thursday that its consolidated net profit rose 12% year-on-year to 2,870 crore in the June quarter, but the IT company missed analysts’ expectations as lower discretionary spending by customers weighed on its financial performance.
