Nifty IT hits fresh record high as heavyweight stocks rally; Infosys, Mindtree, Mphasis, LTI shine; Oracle Financial top gainer

The index has touched a new all-time high of 28,544.60.

Jun 15, 2021 01:06 IST India Infoline News Service

Technology stocks were in the fast lane shunning away inflation fears. Positive global tech stocks also added to the sentiments ahead of the US Federal Reserve policy outcome scheduled for tomorrow. Back at home, heavyweight stocks further boosted the Nifty IT index.

At around 1.06 PM, the Nifty IT was trading at 28,419.05 up by 104.95 points or 0.37%. The index has touched a new all-time high of 28,544.60.

Oracle Financial Services was the top gainer surging by nearly 3% followed by Mphasis more than 2.3%. Coforge jumped by 1.5%.

IT index heavyweights Infosys, Mindtree and L&T Infotech soared with significant upside. Tech Mahindra was marginally up, while HCL Tech and Wipro traded flat.

TCS was the only underperformer with a marginal downside.

The tech-heavy index Nasdaq Composite settled higher for the third straight session. The index closed up 104.72  points.

Amidst inflation data from major economies, technologies stocks have become favourable among investors even though the NASDAQ index still is near record-high levels and valuations can be rich.

Upside in inflation has created concerns in some pockets of the markets as investors feel that consumer price pressures may make the US Fed change its dovish stance sooner than expected.

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