Nifty IT index advances near 300 pts; Wipro, Infosys, Tech Mahindra drive the performance

15 Feb 2022 , 10:44 AM

On Tuesday, Nifty IT advanced inched higher with heavyweight stocks driving the index. The index was boosted led by Wipro, Infosys, Tech Mahindra, TCS. Out of 10 scrips, 8 scrips were bullish while Coforge and Mphasis were under pressure a bit.

However, IT stocks rebounded after Monday’s crash on the markets due to Russia-Ukraine threats. Further, CPI inflation rate jumped to 6.01% in January 2022, as per the data released by National Statistical Office. Investors should bet cautiously taking the current scenario on account amid volatility.
 
At around 10:40 AM, Nifty IT was trading at 34,172.65 up by 292 points or 0.86%. The index has tumbled to an intraday low of 34,081.05 and has touched an intraday high of 34,528.90 during early trading hours on Tuesday.

Meanwhile, BSE Sensex was trading at 56,548.77 up 142.93 points or 0.25% and Nifty50 at 16,887.40 up 44.60 points or 0.26%.

Today, IT sector defied the volatile of the markets and ride on the upside. Wipro emerged as top gainer by 1.40% higher followed by Infosys, Tech Mahindra and Mindtree spurted above 1% each while stocks like L&T Technology Services, LTI, HCL Tech and TCS were trading in the green to add some marginal gains to the sector.

On the contrary, Mphasis shed 0.89% at Rs2,874 per piece to emerge as the top loser in the sector while Coforge was marginally down.