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Nifty IT outperforms amid latest uncertainty, index surges over 440 pts; HCL Tech, TCS, Infosys, Tech Mahindra, LTTS lift the performance

Except for Mphasis, all other stocks listed on Nifty IT were on a bull run.

November 30, 2021 2:27 IST | India Infoline News Service
IT stocks were among top picks on Tuesday in this latest uncertainty that has escalated risk appetite in equity markets. The Nifty IT index has gained more than 2% with an intraday high of 35,654.20 today on the back of broad-based buying with heavyweight stocks lifting the performance majorly. Except for Mphasis, all other stocks listed on Nifty IT were on a bull run.

Investors placed their bets in IT stocks amid volatility that has been fueled by the uncertainties surrounding the new Omricon Covid variant. The IT sector is seen as a favourable pick due to its nature of business in the pandemic.

IT segment reported a strong top-line front in Q2 of the FY22 aided by cloud adoption, digital transformation, cyber security and analytics. The majority of firms witness healthy growth across geographies.

The sector continues to be well placed due to their healthy deal intake/pipeline, broad-based demand, robust order book and acceleration in digital transformation among others going forward.

At around 2.18 pm, Nifty IT was trading at 35,313.00 higher by 442.25 points or 1.27%. On the index, 9 scrips advanced and only 1 scrip declined.

Coforge was the top gainer soaring by 2.7% followed by HCL Tech and Tech Mahindra surging over 1.7% each.

Heavyweights TCS and Infosys climbed 1.5% each. L&T Technology Services advanced over 1.1%. L&T Infotech zoomed 0.8%.

Wipro and Mindtree were marginally up.

On the contrary, Mphasis was the only bear plunging by 0.5%. 

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