Nifty IT index, Infosys, TCS at record high; charts signal more upside

Edelweiss Securities says that the robust tech up-cycle would benefit firms like HCL Technologies, Infosys, TCS, and Tech Mahindra

Shares of information technology (IT) companies rallied at the bourses on Friday, with the Nifty IT index hitting a record high of 23,408, up 2 per cent, in an otherwise subdued markets. In comparison, the benchmark Nifty50 index was trading 30 points lower at 13,710, at 11:40 AM.

Individually, sector giants Tata Consultancy Services (TCS) and Infosys hit their respective record highs. Besides, Coforge, Larsen & Toubro Infotech, HCL Technologies, Wipro and Tech Mahindra were up in the range of 1 per cent to 3 per cent.

The IT stocks outperformed the benchmarks after Ireland-based Accenture reported strong earnings for