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Nifty IT advances over 250 pts ahead of Q3 earnings; Coforge, HCL Tech, LTTS, Infosys, Tech Mahindra drive the index

The index was lifted by Coforge being the top performer surging nearly 3% at Rs5,746.25 per piece.

January 11, 2022 10:40 IST | India Infoline News Service
Business growth, bull
On Tuesday trading session, Nifty IT was in the fast lane as corporate earning season of major technology companies lift the investors sentiments for this sector. The positive trigger for the market now is that IT industries is set to post another quarter of strong growth despite cost pressure.

Further, various analysts are expecting constant dollar sequential revenue expansions of between 3% to 8% in Q3FY22 for midcaps in the IT space.

Also, the market is discounting progressive lifting of the fear on lockdowns due to increasing Covid and Omicron virus as smart recovery can be expected in the subsequent quarters.

At around 10:40 AM, Nifty IT was trading at 38,468.85 up by 256.65 points or 0.67%. The index has tumbled to an intraday low of 38,138 and has touched an intraday high of 38,619.70 during early trading hours.

In terms of gains, the index was lifted by Coforge being the top performer surging nearly 3% at Rs5,746.25 per piece. Tech giant HCL Tech followed with 2.7% gain, while LTTS zoomed over 1% to support the bullish sector.

Heavyweights Mindtree surged by 0.94%, while Tech Mahindra soared 0.84%.

Infosys was 0.45% on the upside at Rs1,859.09 per piece followied by Larsen & Toubro Infotech advancing by 0.36% at Rs7,129.35 per piece. As per experts, Infosys is likely to report 4% sequential growth in revenues on a constant currency basis. Tech giant's revenues seen at Rs309,823 million and PAT at Rs58,568 million.

Mphasis and TCS were trading on a flat note but in the green while Wipro was only the underperformer tumbling marginally down by 0.36% at Rs691 per piece on the index.

Furthermore, tech giant peers TCSInfosys and Wipro are set to announce their Q3 result on January 12, 2022.

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