Nifty IT joins markets bullish bandwagon; Coforge tops 3% after Q4 results; TCS, Mindtree lift the index

Coforge announced its financial results where net profit rises 17% to Rs133cr.

May 07, 2021 11:05 IST India Infoline News Service

Amid positive global cues and hopes of recovery through vaccine drive due to rise in COVID cases helped bulls to put up a strong show for the third consecutive day in a row. Nifty IT was in the fast lane on Friday as corporate earnings of major technology companies lift the investors sentiments for this sector.

Though, investors have to be cautious since uncertainty is very high and the second wave may impact the economy & earnings of the country worse than presently expected going forward. 

At around 11:21 AM, Nifty IT was trading at 26,386.35 higher by 127.65 points or 0.49%. The index has tumbled to an intraday low of 26,252.80 and has touched an intraday high of 26,454.10 during early trading hours on Friday.

In terms of gains, the index was lifted by Coforge being the top performer surging by 3.34% at Rs3,509.60 per piece. Coforge announced its financial results where net profit rises 17% to Rs133cr.

Heavyweights TCS and Mindtree soared nearly by 1% each. On Thursday, TCS launched new consulting framework to help enterprises drive transformation and growth.

Oracle Financial Services was 0.28% on the upside at Rs3,497.25 per piece followied by Mphasis advancing by 0.13% at Rs1,848.40 per piece.

HCL Tech was also trading marginally up by 0.13% at Rs917.15 per piece.

On the contrary, Infosys, Larsen & Toubro Infotech and Tech Mahindra were on the downside dragging the sector but on a marginal note.

Tech Mahindra was the top underperformer tumbled by 0.31% at Rs974.95 per piece.

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