IT shares extend gain: TCS hits new high, Infosys at fresh 52-week high

In past one month, Nifty IT index has outperformed the market by surging 11.5% against 3.7% rise in Nifty 50 index

Shares of information technology (IT) companies continued their upward movement with Nifty IT index hit fresh 52-week high in otherwise subdued market.

Infosys, Tata Consultancy Services (TCS), HCL Technologies and Tech Mahindra were up in the range of 1% to 2% on the National Stock Exchange (NSE) on Wednesday.

At 09:46 AM; Nifty IT index was up 1.3% at 12,590, as compared to 0.13% rise in Nifty 50 index. IT index hit a fresh 52-week high of 12,653 in intra-day trade today. The index is 2% away from its all-time high of 12,908 touched on March 4, 2015 in intra-day deal.

In past one month, Nifty IT index has outperformed the market by surging 11.5% against 3.7% rise in the benchmark index.

Among the individual stocks, Infosys was trading higher for the eight straight trading days, up 3% to Rs 1,156 on NSE. The stock rallied 14% since January 5, 2018, quoting above its share buyback price of Rs 1,150 per share.

TCS hits a new high of Rs 2,925, up 2.6%, extending its yesterday’s 4% surge on NSE. The stock surpassed its previous high of Rs 2,860 touched on Tuesday, January 16, 2018.

"Indian IT services stocks could be set for a turnaround in 2018," said Morgan Stanley analysts Parag Gupta and Gaurav Rateria in a note dated January 15. "Valuations are at or below long-term averages and an improving global macro could spur tech spending, which could re-rate stocks," the duo said adding that they prefer large caps. CLICK HERE TO READ FULL REPORT.

COMPANY	LATEST	ONE-MONTH BEFORE	GAIN(%)
SONATA SOFTWARE	303.65	231.25	31.3
INTELLECT DESIGN	188.60	145.65	29.5
KPIT TECH.	199.30	167.55	19.0
ECLERX SERVICES	1525.35	1282.70	18.9
PERSISTENT SYS	759.40	648.65	17.1
VAKRANGEE	435.30	372.73	16.8
NIIT TECH.	705.00	613.90	14.8
TCS	2905.75	2545.60	14.2
WIPRO	330.30	289.70	14.0
POLARIS CONSULTA	404.00	358.80	12.6
HEXAWARE TECH.	359.75	320.40	12.3
TATA ELXSI	1037.95	924.75	12.2
TECH MAHINDRA	561.85	500.75	12.2
INFOSYS	1147.35	1022.90	12.2
MINDTREE	622.90	566.55	10.0
ZENSAR TECH.	892.55	814.10	9.6
MPHASIS	764.00	705.65	8.3
RAMCO SYSTEMS	529.95	489.60	8.2
HCL TECHNOLOGIES	958.80	891.80	7.5