Nifty IT escapes bearish markets, index trades higher; Mindtree, Wipro, Infosys lift mood after Q4

Larsen & Turbo Infotech was the biggest laggard, shunning 1.34% while CoForge shed 1.25%.

Apr 19, 2021 01:04 IST India Infoline News Service

IT Stocks Up
Nifty IT Index was placed better amidst the markets bears. The Index rallied to trade higher after a bearish start in the morning due to rising Covid-19 cases in India and following restrictions to curb its spread.

At around 1.10 pm, Nifty IT was trading at 26,373.55 up 48.65 points or 0.18%. It opened over 300 points lower at 26,012.40 before slipping further to a low of 25,875.90 and rising to a high of 26,381.10 during intraday trade on Monday.

Mindtree and Infosys gained the most based on their Q4 earnings while Wipro and HCL Tech were also trading higher amidst the bloodbath on Monday.

Mindtree surged 2.07% at Rs2,112.50 per piece. It reported a 2.8% decline in Q4FY21 profit at Rs317.3cr against Rs326.5cr in Q3FY21. Revenue rose to Rs2,109.3cr against Rs2,023.7cr in the previous quarter.

Infosys was up 1.3% at Rs1,371.30 per piece. The IT giant last week recorded a 17.1% yoy rise in net profit to Rs5,078cr in the quarter ending March 2021 (Q1FY21) period compared to a profit of Rs4,335cr in the corresponding period of the previous year.

Wipro edged 0.85% higher while HCL Tech gained 0.80% on Monday. 

Larsen & Turbo Infotech was the biggest laggard, shunning 1.34% at Rs4,035.25 per piece while CoForge shed 1.25% at Rs3,132.35 per piece. TCS and Tech Mahindra also shed 0.77% and 0.75% respectively. 

Oracle Financial Services Software and MPHASIS also traded in the red.

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