Nifty IT pulls back from historic high of over 30k, but in green as heavyweights Wipro, HCL Tech drive the index

On the index, six stocks have advanced and 4 have declined.

Jul 23, 2021 12:07 IST India Infoline News Service

Bull-vs-Bear
Globally, technology stocks are in focus on major exchanges. In the Indian markets, IT companies rallied broadly with buying especially witnessed in heavyweights taking the Nifty IT index to fresh lifetime high of more than 30,000-mark in the early trade. However, the Nifty IT index has scrapped some of its early gains and pulled back from its record level, but continued to hold its upside tone.

At around 12.41 PM, the Nifty IT was trading at 29,889.95 up by 110 points or 0.4%. The index has pulled back from its historic high of 30,059.70 that was clocked in the early deals today.

On the index, six stocks have advanced and 4 have declined.

Mphasis was in the top spot of bulls surging by 4.3%. Heavyweights Wipro and HCL Tech climbed by 2.2% and 1.2% respectively. Tech Mahindra also contributed to the upside by advancing 1.1%.

Coforge gained by 0.8%, while index heavyweight TCS surged marginally.

On the downside, slower movements were seen. L&T Infotech was the top underperformer plunging nearly 1% followed by Mindtree diving over 0.9%.

Oracle Financial Services and Infosys tumbled marginally.

On the global front, Chinese tech firms that are listed on the Hong Kong exchange entered into a free.

A Bloomberg News reported that Beijing is looking for harsh penalties on ride-hailing giant Didi. The penalties are reportedly expected to be larger than the record $2.8B paid by Alibaba earlier this year. Didi was pushed to stop signing up new users after its US IPO last month. The Didi app is also removed from Chinese app stores over allegations about the collection and use of personal data.

Meanwhile, overnight, on Wall Street, tech giants such as Microsoft Corp, Amazon.com, Apple Inc, Facebook Inc and Alphabet Inc rallied ahead of their quarterly earnings next week taking Nasdaq at the front and towards 14,700.

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