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Nifty IT joins markets bullish bandwagon, index tops 300 pts; Tech Mahindra, TCS, Infosys lead; Mindtree only bear

All stocks except Mindtree listed on Nifty IT were now trading on a higher note.

November 12, 2021 10:40 IST | India Infoline News Service
Market at higher point1
IT stocks rebounded from yesterday's losses that were caused due to inflation feared sell-off across global cues. However, the sector regained winning momentum on Friday amid upbeat markets. India's CPI Inflation and IIP data have taken a centre stage for the traders while US stocks finished the trading session mixed as tech equities rebounded somewhat against basket of peers from yesterday’s session.

All stocks except Mindtree listed on Nifty IT were now trading on a higher note.

Indian benchmarks triggered the bullish start amid positive global cues where Sensex jumps over 300 points and Nifty retests 18k led by IT and metal stocks.

At around 10:40 AM, Nifty IT was trading at 35,888.35 up by 304.70 points or 0.86%. The index has tumbled to an intraday low of 35,752.25 and has touched an intraday high of 36,012.45 during early trading hours on Friday.

In terms of gains, the index was lifted by Tech Mahindra being the top performer surging by 1.80% at Rs1,549.40 per piece.

Tech giant Wipro followed with nearly 1.5% gains, while Infosys and Larsen & Toubro Infotech zoomed over 1% each. IT major Wipro launched an automotive e-commerce solution for direct-to-customer marketplaces to launch and grow quickly.

Heavyweight HCL Tech surged by 0.84%, while MPhasis and Coforge soared 0.68% and 0.66% respectively.

TCS was 0.34% on the upside at Rs3,500.20 per piece followed by LTTS advancing by 0.20% at Rs5,181.05 per piece.

Mindtree was only the underperformer trading flat but in the red zone on the index.

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