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Nifty IT on a bull run, index surges nearly 3%; L&T twins, TCS, Wipro, Infosys drive the rally; Coforge soars 9% post Q3

Coforge surged 9% post Q3 earnings. Mindtree also gained 7% while Larsen & Turbo Infotech, LTTS, Mphasis also were over 5% higher.

January 28, 2022 12:55 IST | India Infoline News Service
Bull Market
Nifty IT reversed the previous losses to lead the market rally on Friday. The Index had settled more than 3% lower on Thursday amid persisting volatility in markets, however, it recovered today due to broad-based buying in heavyweights. The sector tracked positive global cues. 

With broad-based recovery brushing aside Fed fears and supported by strong earnings of Apple,  IT stocks in India also witnessed a bull run today. Coforge surged 9% post Q3 earnings. Mindtree also gained over 7%, while Larsen & Turbo InfoTech, LTTS, Mphasis also were 5% higher. All the stocks listed on Nifty IT was on a bull run.

At around 12.55 pm, BSE Sensex was trading at 58,020.40 up 743.46 points or 1.30% and Nifty50 at 17,354.05 up 243.90 points or 1.43%.

Nifty IT was trading at 34,395.85 up 920.80 points or 2.75%, after touching a high of 34,473.50 and low of 33,608.45 during intraday trade.

Coforge rose 9.2% at Rs4,805.00 per piece. The company posted 50.7% yoy surge in profit after tax and 39.3% yoy surge in revenue. 

MindTree also rallied on Friday to outperform. It was trading at Rs3,845.05 per piece, up 7.25%. 

LTTS also advanced 6.5% at Rs4,638.00 per piece to lift the peformance of the sector.

Larsen & Toubro Infotech was 5.7% higher at Rs6,075.00 per piece. The company announced its partnership with IIT Madras, one of the leading research institutes of India, for collaborative research in the field of 5G.

Mphasis also was 5.6% on the upside. Wipro gained 3.25% while Infosys also advanced nearly 2% in an all-green sector. TCS also surged by nearly 2%.

Stock investors breathed a sigh of relief as selling in the market halted, with the focus shifting to quarterly earnings of Nifty50 constituents. The buying was broad-based with all sectors participating.

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