Nifty IT stocks surge 1.3% to drive bullish markets; Heavyweights Infosys, Wipro lead gains

14 Mar 2022 , 01:00 PM

Information and Technology stocks on Nifty50 rose 1.3% despite weakness in Technology stocks in major international markets as the index heavyweights Infosys and Wipro led the gains while HCL Tech and Tech Mahindra were also in the fast lane. Coforge was the only IT stock in the red zone.

Technology stocks saw weakness in US Market on Friday. In China, the relentless selloff in technology stocks continued on Monday, as Beijing’s close relationship with Russia raised risks for mainland companies already battered by renewed regulatory headwinds.

Dometic benchmark indices were firm in gains in the afternoon on the back of buying interest in banking and IT shares. The benchmarks were up for the fifth straight day amid unpredictable new flows from the overseas markets. The major focus this week will be on the US Federal Reserve meeting on March 15-16, other than the Ukraine war.

At around 1.00 pm, BSE Sensex was trading at 56,154.86 up 604.56 points or 1.09% and Nifty50 at 16,770.20 up 139.75 points or 0.84%. Nifty IT was trading at 35,802.15 up 453.45 points or 1.28% touching a high of 35,935.30 and low of 35,347.95 during intraday trade on Monday.

Infosys surged 2.76% at Rs1,872.35 per piece to lead the gains while Wipro rose 2.06% at Rs598.30 to lift performance. HCL Tech also advanced 1.5% at Rs1,211.05 per piece. 

Tech Mahindra Limited also was ~1% higher at Rs1,500.55 per piece after the company approved the proposal to acquire 100% equity shares in Thirdware Solutions Limited. 

Coforge shed 0.4% to emerge the lone laggard in otherwise booming stocks in IT sector on Nifty50.