Nifty IT hits fresh record high; Oracle Financial, Mphasis, HCL Tech, Infosys in lead

The index had touched a new 52-week high of 30,139.20.

Jul 26, 2021 02:07 IST India Infoline News Service

Bull Market
Technology stocks were in focus on Monday globally. In the Indian markets, the Nifty IT index clocked a fresh lifetime high before correcting as heavyweights Infosys and HCL Tech drive the performance.

At around 2.54 PM, Nifty IT was trading at 29,974.90 up by 80.60 points or 0.27%. The index had touched a new 52-week high of 30,139.20.

Oracle Financial Services was the top gainer surging by 3.3% followed by Mphasis soaring 2.5%. Coforge and heavyweight Infosys climbed more than 1% each. HCL Tech jumped by 0.7%.

On the downside, Wipro took the top spot plunging nearly 1% followed by Tech Mahindra and L&T Infotech tumbling by 0.8% and 0.7% respectively. Index heavyweight TCS dived by over 0.5%. While Mindtree traded marginally lower.

In the Asian market, Hong Kong shares nosedived the most in 14 months due to a steep free fall in Chinese technology shares after the country announced a round of regulatory tightening against tech and private education companies.

On the other hand, last week, overnight, the Nasdaq Composite clocked record highs after strong earnings from social media companies. Twitter and Snapchat-owned Snap soared more than 4% and 22.5% respectively after beating estimates for user growth and revenue in the June 2021 quarter.

Other tech giants such as Amazon.com, Apple Inc, Microsoft Corp and Google-owner Alphabet Inc rose ahead of their quarter earnings scheduled for this week. 

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