The Bulls of Friday! BSE IT index soars 780 points; NIIT Tech, Mastek, Infosys top gainers

The IT index has touched an intraday high of 15,176.44 compared to its previous closing of 14,396.44.

Jun 26, 2020 01:06 IST India Infoline News Service

Bombay Stock Exchange
The bulls of benchmark index Sensex would be none other than IT stocks, as the S&P BSE Information Technology index has jumped over 780 points so far on Friday. The IT index has touched an intraday high of 15,176.44 compared to its previous closing of 14,396.44.

At around 1.40 pm, the BSE IT index was trading at 15,067.62 up by 667.11 points or 4.63%.

On the index, the Sasken Technologies stock led the top gainers list by trading at Rs500.10 per piece, up by 9.12%. Sasken was followed by Nucleus Software at Rs274.65 per piece, NIIT Tech at Rs1495.10 per piece, up 8.48%, Mastek at Rs403 per piece above 7.70% and Infosys at Rs742.50 per piece up by 6.13%.

Other stocks like Intellect Design, HCL Infosystem, Birlasoft, Mindtree, TCS, Tata Elxsi, Wipro and Persistent Systems were up from 2.80% up to 5%.

Meanwhile, the underperformers list involved stocks like Infobeam, Cyient, Nelco, D-Link (India) and Kellton Tech Solutions among others which have tumbled in the range of 0.60-3.4%.

The IT stocks have rallied after one of the global IT-giant Accenture recorded better than expected quarterly result. The company has witnessed revenue of $11B in the third quarter up by 1.3% increase in local currency over the same period last year. Further, the gross margin (gross profit as a percentage of revenues) in the period was at 32.1% versus 31.8% a year ago same period. Meanwhile, net income was almost stable at $1.25B as against $1.2B for the third quarter last year.

Julie Sweet, Accenture’s chief executive officer, said, "We delivered third-quarter financial results that align with our expectations, including revenue growth in the top end of our guided range as well as strong profitability and free cash flow, while continuing to invest in our business and our people.”

On outlook ahead, Accenture expects fourth-quarter and full-year 2020 business outlook reflects its assumptions, as of today, regarding the continued effect of the coronavirus pandemic. The company expects revenues for the fourth quarter of fiscal 2020 to be in the range of $10.6B to $11B or negative 3% to positive 1% growth in the local currency, reflecting the company’s assumption of a negative 1% foreign-exchange impact compared with the fourth quarter of fiscal 2019.

Related Story