Nifty IT index rallies 1%; Mindtree, LTI, Wipro, TCS in the fast lane

Oracle stretched the winning streak to go up 1%. Infosys, HCL Tech, and Coforge also traded higher.

May 05, 2021 01:05 IST India Infoline News Service

Nifty IT Index weathered a sluggish morning trade to gain 1% amid bullish markets on Wednesday. The Index had momentarily fallen into negative zone in the morning after a bullish start but rallied in the afternoon to outperform. The sector has been witnessing buzz due to quarterly earnings announcements by various companies.

At around 1.15 pm, Nifty IT was trading at 25,741.40 up 252.40 points or 0.99%, touching a high of 25,857.65 and low of 25,564.60 during intraday trade on Wednesday.

Mindtree rose 2.05% at Rs2,158.95 per piece on Wednesday. The company stock was up for the fourth straight session to lift the sectorial performance.

Wipro surged 1.87% at Rs490.95 per piece. The company said it will invest about $22 million over the next four years to set up a 20,000 sq. ft. innovation centre Holborn, London. The centre will serve as Wipro's flagship centre in the UK and offer technology expertise to companies globally.

Larsen & Turbo Infotech gained 1.62% at Rs3,908.80 per piece. LTI reported a 27.6% rise in consolidated net profit to Rs545.7crin Q4 against a net profit of Rs427.5cr in the same period a year ago.

TCS was also bullish, gaining 1.35% at Rs3,090.90 per piece. Oracle strecthed the winning streak to go up 1%. 

Infosys, HCL Tech and Coforge also traded higher. Mphasis and Tech Mahindra were trading flat.

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