Nifty IT index gains over 400 pts on broad-based buying; Tech Mahindra, Wipro, Infosys rally

Mphasis and HCL Tech were trading flat while Mindtree was the only company in the sector trading marginally lower.

Jul 22, 2021 01:07 IST India Infoline News Service

The Nifty IT stocks were in demand on Thursday after a gap-up start. The IT inndex surged more than 400 points amid broader bullish markets trend. Heavyweights such as Infosys, Wipro, Tech Mahindra were among the top performing stocks that lifted the index. June 2021 quarterly results sway sentiments. 

Tech Mahindra rose 4% while Wipro, Coforge,  Oracle Financial Services Software and Infosys also outperformed. 

At around 1.18 PM, the Nifty IT was trading at 29,652.65 up 400.15 points or 1.37%, after touching a high of 29,683.80 and low of 29,335.70 during intraday trade.

BSE Sensex was trading at 52,778.24 up 579.73 points or 1.11% and Nifty50 at 15,801.65 up 169.55 points or 1.08%.

Tech Mahindra was the hot stock at Rs1,130.85 per piece on Thursday. The company has allotted 65,605 equity shares of Rs5 per share under ESOP on 18 July 2021. With this allotment, the paid up equity share capital has increased 96,91,18,102 equity shares of Rs5 each aggregating Rs484.55cr.

Wipro surged 2.5% at Rs582.25 per piece. Wipro and Celonis, the global leader in execution management, announced a partnership. As a part of this collaboration, Wipro will launch the Global Celonis Center to drive operations transformation for clients.

Oracle rose 2.45% at Rs4,054.60 per piece while Coforge also jumped 2.4% at Rs4,650.00 per piece.

Infosys gained 2% at Rs1,581.40 per piece. Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys and Santander UK, announced the roll out of Santander UKs international cash management platform as part of the banks ongoing digital transformation programme.

Larsen & Turbo Infotech also advanced 1.25%. TCS was also marginally higher. Mphasis and HCL Tech were trading flat after facing some selling pressure. Mindtree was the only company in the sector trading marginally lower.

HCL Tech Q1 PAT rose 8.5% yoy to Rs3,214cr in the financial results reported on Tuesday. The company unveiled HCL SoFy, the Cloud Native solution factory and HCL Now, a Cloud-Native-as-a-service offering. The two new additions further enhance the company’s #HCLCloudSmart offering. 

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