Many brokerages are optimistic about the sector as the major companies have continued a stellar performance in the last 18 months. Companies like TCS, Infosys, Wipro, HCL Technologies and Tech Mahindra among others have strong upward momentum. The industry is expected to continue recording double-digit growth in the top-line front.
The index was hovering between the intraday high and low of 36,105.35 and 35,332.85 respectively. At around 2.58 pm, Nifty IT was trading at 36,099.60 higher by 699.55 points or 1.98%.
Mindtree was the top gainer soaring by 4.6% after touching a new 52-week high of Rs4,322.60 per piece. L&T Infotech and Mphasis climbed 3.4% each, while Coforge jumped over 3%.
Tech Mahindra advanced 2.3%, while HCL Tech also zoomed over 2% after touching a new all-time high of Rs1,315 per piece.
Infosys soared 1.9% and index heavyweight TCS jumped over 1%. Wipro was marginally up.
However, Oracle Financial was the top bear tumbling 0.4%.