Nifty IT skyrockets over 750 pts ahead of Q3 earnings; Tech Mahindra, TCS, Coforge drive the index

9 Jan 2023 , 10:38 AM

On Tuesday trading session, Nifty IT was in the fast lane as corporate earnings season of major technology companies lift the investors sentiments for this sector. The positive trigger for the market now is that IT industries is set to post another quarter of strong growth despite cost pressure.

At around 10:40 AM, Nifty IT was trading at 28,714.85 up by 758.40 points or 2.71%. The index has tumbled to an intraday low of 28,134.05 and has touched an intraday high of 28,728.40 during early trading hours.

In terms of gains, the index was lifted by Tech Mahindra being the top performer surging over 3.3% at Rs1,018.60 per share. Tech giant Coforge followed with 3.2% gain, while TCS zoomed over 3% to support the bullish sector. Meanwhile, as per the analysts, TCS could post 1.4% growth in constant currency in December 2022 quarter, on a sequential basis. Typical Q3 seasonality on account of holidays could impact growth.

Heavyweights LTI Mindtree and Persistent Systems surged by 2.9% each, while HCL Tech soared around 2.4%.

Wipro was 2.38% on the upside at Rs391.05 per share followed by LTTS advancing by 2.36% at Rs3,710 per share.

Infosys and Mphasis were trading 2.2% higher each to follow the upside trend.

Furthermore, tech giant peers Infosys, HCL Tech and Wipro are set to announce their Q3 result this week.

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