Nifty IT index rallies over 2%; Coforge hits record high amid Q4; Wipro, Mindtree, Mphasis also outperform

Tech Mahindra also rallied to gain 2.34% while Infosys was 1.5% on the upside. HCL Tech and TCS were also bullish. LTI sank over 2%.

May 06, 2021 01:05 IST India Infoline News Service

Bull Market
Nifty IT rallied over 2% to lift market performances on Thursday. The sector after a bullish start fell into negative zone before regaining ground to scale new heights.

Strong quarterly performance from IT companies led the resurgence on Thursday. Coforge led the charge on strong quarterly earnings while Mindtree, Mphasis, and Wipro also outperformed. Larsen & Turbo continued to struggle.

At around 1.05 pm, Nifty IT was trading at 26,337.85 up 550.90 points or 2.14%, hitting a high of 26,387.65 and low of 25,639.60 during intraday trade on Thursday.

Coforge Ltd hit new 52-week high of Rs3,319 per piece on Thursday on healthy quarterly earnings. It was trading 15% higher at Rs3,326.65 per piece. The IT company fprmerly known as NIIT Technologies today reported 13.72% yoy increase in consolidated sales revenues for the Mar-21 quarter at Rs1,261.50cr.

Mphasis surged 6.8% at Rs1,866.20 per piece. The company recently announced expanding its footprint in the UK with a special focus on Customer led Digital Transformation initiatives in banking & insurance, by establishing a nearshore center, outside of London.

Mindtree continued the winning streak to advance 5.8% at Rs2,292.00 per piece and lif the performance of the sector.

Wipro gained 4.16% at Rs511.00 per piece. The company on Wednesday announced a partnership with Transcell Oncologics to transform vaccine safety assessment using augmented intelligence (AI).

Tech Mahindra also rallied to gain 2.34% while Infosys was 1.5% on the upside. HCL Tech and TCS were also bullish.

LTI sank 2.33% at Rs3,823.95 per piece. It has been under pressure after announcing quarterly earnings on Tuesday.

Oracle Financial Software Service halted winning streak after announcing earnings on Wednesday. Oracle stock was trading marginally lower at Rs3,477.00 per piece. 

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