The Nifty IT index that was bearish at the start of this week, has now rebounded and trading to a bullish tone. Today, the index skyrocketed as investors took comfort from the better-than-expected earnings of heavyweights like Infosys, Wipro and Mindtree.
HCL Tech is in focus ahead of its Q2 results scheduled for later in the day.
At around 2.28 pm, Nifty IT was trading at 35,645.90 up 360.30 points or 1.02%. The index had 7 scrips on the advance side while 3 scrips declined.
Mindtree and Wipro led the bull charge soaring by 6.4% and 5.3% after touching a new 52-week high of Rs4,937.65 per piece and Rs739.85 per piece respectively earlier today.
Mphasis climbed 4.6%, while Coforge and L&T Technology Services advanced 3.9% and 2.5%. L&T Infotech zoomed over 2%. Tech Mahindra jumped 1.6%.
On the contrary, HCL Tech slipped 1.6% followed by TCS diving 0.9%. Infosys tumbled marginally.
Infosys posted a better-than-expected, garnered a net profit of Rs5,421cr in Q2FY22 rising by 11.9% from Rs4,845cr a year ago same period. Infosys registered revenue of Rs29,602cr in the quarter under review, increasing by 20.5% from Rs24,570cr witnessed in the corresponding period of the previous year. Infosys delivered a strong Q2 performance with YoY growth increasing to 19.4% and sequential growth accelerating to 6.3% in constant currency.
Wipro reported an 18.9% rise in consolidated net profit to Rs2,930.7cr in Q2FY22. Wipro's consolidated revenue was at Rs19,667.4cr for the quarter under review, also beating the street's expectations. Wipro expects Revenue from its IT Services business to be in the range of $2,631 million to $2,683 million - translating to a sequential growth of 2.0% to 4.0%.
Meanwhile, Mindtree posted a whopping 57.2% yoy rise in consolidated net profit to Rs398.9cr in Q2FY22. The company's revenue stood at Rs2,586.2cr in the quarter under review, rising by 34.3% yoy and 12.9% qoq.
L&T Infotech and LTTS will announce their Q2 financial performance on October 18 and October 19. Meanwhile, Tech Mahindra will announce its earnings on October 25.