Nifty IT denies volatile markets trend, index tops 250 pts as heavyweight TCS, Infosys, Tech Mahindra drive the performance

14 Jan 2022 , 03:05 PM

Nifty IT index denied markets volatility on Friday as heavyweight TCS and Infosys were in a super rally despite majority stocks traded in the red. Corporate earnings season continues to influence markets outlook. Investors await HCL Tech Q3 earnings that are scheduled for later today, while they reacted to Mindtree’s financial performance.

TCS, Infosys and Wipro were first to announce their Q3 earnings in the sector. TCS and Infosys surpassed analysts estimates, while Wipro missed estimates. Mindtree also beat street expectations, however, was the top bear on the index today as investors cashed in gains.

At around 2.56 pm, Nifty IT was trading at 38,854.55 higher by 247.55 points or 0.64 points. The index has touched an intraday high of 38,861.95.

On the index, 4 scrips advanced and 6 scrips declined.

TCS was the top bull surging by nearly 1.9%, while Infosys gained by 1.8%. Tech Mahindra advanced by 1.3%, while HCL Tech was marginally up.

On the downside, Mindtree slipped by nearly 4% and was the top laggard on the index. L&T Technology Services shed 1.9%, while Wipro, Mphasis and L&T Infotech dropped over 1% each. Coforge contracted 0.4%.