Nifty IT Index hits new all-time high; Tech Mahindra up 4.5%; HCL Tech next biggest gainer

Nifty IT Index on Wednesday’s trading session touched a new life high of 36713.15 level, after rallying for 1.5 per cent on the NSE. The IT index was the biggest gainer on the intraday basis among all sectoral indices aiding the benchmarks today. 

Tech Mahindra shares surged most on the Index, jumping around 4.5 per cent to Rs 1527.9 per share on the NSE in the intraday trade on Wednesday. While speaking to Zee Business Managing Editor Anil Singhvi, Sandeep Wagle, a technical analyst, expects the stock to hit a target of Rs 1570-1580 per share levels amid the breakout in the stock with support of Rs 1490 per share today.

See Zee Business Live TV Streaming Below:

The analyst says, the IT major has shown a spectacular rally till Rs 1500 per share levels and registered a breakout, which gives confidence of the counter touching the target soon. 

Besides Tech Mahindra, HCL Technologies is also leading the surge in the Nifty Index, the counter is up over 2 per cent to Rs 1328.65 per share, while Infosys and TCS each shares have gained around 1 per cent to Rs 1738.9 and Rs 3896.85 per share on the NSE intraday today. 

In the mid-cap category of IT stocks, Mindtree shares jumped most in the IT Index list, up 5 per cent to Rs 4596.9 per share, Mphasis shares grew over 2 per cent to Rs 3302.7 per share, L&T Infotech gained 1.5 per cent to Rs 5856.45 per share on the NSE intraday trade today.

While Coforge grew by over 1.5 per cent to Rs 5649 per share and OFSS gained marginally near 1 per cent to Rs 4733 per share on the BSE.

Almost all IT companies on the Nifty IT Index have hit a new 52-week high on Wednesday, except for Infosys, OFSS, TCS and Wipro. In the heavyweight category, almost all IT company stocks are gaining except Wipro trading flat with negative bias on the NSE intraday today.