Nifty IT index gains 1.5% led by Infosys

However, Tata Elxsi shares dropped 4% followed by Mindtree and Wipro. Shares of OFSS, NIIT Tech, and Infibeam were also trading lower on the IT index.

Jul 15, 2019 05:07 IST India Infoline News Service

The Nifty IT index gained 1.5% on Monday amid heavy buying in Infosys and Tech Mahindra. Shares of Tech Mahindra, TCS and HCL Tech also contributed to the gain in the Nifty IT index.

Shares of Infosys rallied over 5.4% on the NSE and the scrip is among the top gainers in the index today. The IT company’s constant currency (cc) revenue grew by 2.8% qoq and US Dollar revenue grew by 2.3% qoq and 10.6% yoy to $3,131mn. INR revenue grew by 1.2% qoq and 1.4% yoy to Rs21,803cr against median consensus estimates of Rs21,799cr. The company’s PAT declined by 6.8% qoq but up 5.1% yoy to Rs3,798cr against median consensus estimates of Rs3,703cr.

On the flip side, Tata Elxsi dropped 4% followed by Mindtree and Wipro. Shares of OFSS, NIIT Tech, and Infibeam also trading lower on the IT index.

Meanwhile, equity benchmark indices were trading in the green with the Sensex gaining 12 points at 38,749 levels. Nifty slipped 7 points to trade at 11,546 levels, well above its key level of 11,550. The currency opened higher by 14 paise at 68.59/$. The yield on the 10-year government bond was at 6.469% compared with Friday's close of 6.488%.

Besides, easing crude oil prices and positive opening in domestic equities supported the rupee. However, foreign fund outflows weighed on the domestic currency and restricted the upmove.

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