 "Nifty IT index recovers from 52-week low; TCS, HCL Tech, Wipro up over 1%")
Shares of information technology (IT) companies rebound from their intra-day’s low and currently trading higher by up to 2% on the National Stock Exchange (NSE) in an otherwise weak market.
Tata Consultancy Services (TCS), Wipro, HCL Technologies and Infosys were up between 1% and 2% on the NSE.
At 01:33 pm, Nifty IT index, the second largest sectoral indices after Nifty PSU Bank index, was up 1.1% as compared to 1.5% decline in the benchmark Nifty50 index.
Nifty IT index trading at 9,542, rebound 2.6% from its 52-week low of 9,295 touched in intra-day trade on Tuesday. It hit an intra-day high of 9,551 so far.
In past one-month, the IT index had underperformed the market by falling 8% against 4.7% fall in the Nifty50 index till Friday.
TCS was up 1.6% at Rs 2,134, recovering 4% from its early morning low. The stock of India’s largest software services company hit a 52-week low of Rs 2,052 on the NSE in intra-day trade.
According to Choice Research, IT will be unaffected on Government’s move to abolish high-denomination notes.
However, the companies which are operating in digital and payment wallet software developing will get positively benefitted, the brokerage firm said in a note.
Tata Consultancy Services (TCS), Wipro, HCL Technologies and Infosys were up between 1% and 2% on the NSE.
At 01:33 pm, Nifty IT index, the second largest sectoral indices after Nifty PSU Bank index, was up 1.1% as compared to 1.5% decline in the benchmark Nifty50 index.
Nifty IT index trading at 9,542, rebound 2.6% from its 52-week low of 9,295 touched in intra-day trade on Tuesday. It hit an intra-day high of 9,551 so far.
In past one-month, the IT index had underperformed the market by falling 8% against 4.7% fall in the Nifty50 index till Friday.
TCS was up 1.6% at Rs 2,134, recovering 4% from its early morning low. The stock of India’s largest software services company hit a 52-week low of Rs 2,052 on the NSE in intra-day trade.
According to Choice Research, IT will be unaffected on Government’s move to abolish high-denomination notes.
However, the companies which are operating in digital and payment wallet software developing will get positively benefitted, the brokerage firm said in a note.