Nifty IT Index surges 2% despite weak markets; TCS, Larsen -; Turbo twins, Tech Mahindra, Infosys among top performers

8 Mar 2022 , 12:00 PM

Nifty IT defied market bears on Tuesday to edge 2% higher and lead the gains. MindTree, TCS, Larsen & Turbo twins, Tech Mahindra and Infosys were the top performers to push the Index up despite volatile trade.

Shares fell in Asia on Tuesday after Wall Street logged its biggest drop in more than a year as markets were jolted by another surge in oil prices.

Oil prices see-sawed near 14-year highs on Tuesday as the United States considered acting alone to ban Russian oil imports rather than teaming up with allies in Europe, easing concerns of a wider disruption to crude supplies.

Indian domestic indices also fell amid volatile trade. At around 12.00 noon, BSE Sensex was trading at 52,367.15 down 475.6 points or 0.90% and Nifty50 at 15,706.60 down 156.55 points or 0.99%. Nifty IT was trading at 34,815.25 up 679.35 points or 1.99%, touching a high of 34,880.40 and low of 33,977.90 during intraday trade on Tuesday.

MindTree led the gains by soaring ~3% at Rs3,972.50 per piece. LTTS outperformed 2.6% at Rs4,729.90 per piece. Tech Mahindra rose 2.4% at Rs1,458.55 per piece. Larsen & Turbo Infotech also edged 2.3% higher while Infosys was also ~2% higher at Rs1,773.35 per piece.

Wipro was at the bottom, with gains of 0.76% as all the 10 IT stocks on the NSE advanced on Tuesday.