Nifty IT bounces back to green, index surges near 430 pts as major Q2 earnings line-up; TCS, HCL Tech, Mphasis lead the bulls

The index has now touched an intraday high of 35,650.85. So far, the index has jumped nearly 530 points today.

Oct 05, 2021 03:10 IST India Infoline News Service

Market at higher point1
IT stocks rebounded from their early losses that were caused due to steep sell-off across global cues, however, the sector was in the fast lane during the second half of Tuesday's trading session. Corporate earnings have taken a centre stage for the traders as TCS will kick off the September 2021 (Q2FY22) quarterly earnings season from October 08, 2021. All stocks listed on Nifty IT were now trading on a higher note.

In the early deals, Nifty IT had plunged by nearly 1% with an intraday low of 34,781.60.

However, in the second half, the index bounced back to bulls and even surged more than 1%. The index has now touched an intraday high of 35,650.85. So far, the index has jumped nearly 530 points today.

At around 2.59 pm, the Nifty IT was trading at 35,555.55 higher by 429.40 points or 1.22%. All ten listed stocks were trading higher ranging from 1-2.5%.

HCL Tech was the top gainer soaring 2.3% followed by index heavyweight TCS climbing 1.4%. Stocks like Mphasis, Tech Mahindra and Coforge soaring more than 1% each.

Infosys, Mindtree and Wipro advanced nearly 1% each. L&T Technology Services and L&T Infotech zoomed 0.7% each.

TCS will announce its Q2 result on Friday. Infosys, Mindtree and Wipro earnings for the same quarter are scheduled for October 13, 2021.

Earlier today, global technology stocks witnessed a huge profit booking tracking Wall Street. Overnight, the near term default of ‘Evergrande' saw Hong Kong shares index close lower by 14% YTD, which saw a ripple effect in US indices with inflation scare coupled with early tapering sending Dow Jones lower by nearly 400 points while Nasdaq closed 2.1% off from recent highs.

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