IT sector shares such as Infosys, Tata Consultancy Services, Tech Mahindra, HCL Technologies, Saken, Persistent, Coforge, Cyient , Zensar Technologies, Mphasis, Sonata Software and Mastek were among the top gainers in the IT pack on Tuesday. The rally comes amid the trade negotiations between US and China.
Investors expect trade tensions to ease between the two countries.
A new round of talks top ease trade ties between the US and China has started in London. US President Donald Trump has put a positive spin on the talks, saying that the talks were going well. The resolution of the trade tensions will likely boost IT services from Indian players in the US.
BSE IT index rose 830 points to 38,042 in the afternoon session today. The Nifty IT index zoomed 876 points to 38,546 in the current session.
Tech Mahindra shares were trading 3% higher at Rs 1626.50 on Tuesday. Market cap of the firm climbed to Rs 3.77 lakh crore on BSE. On similar lines, Infosys stock gained 2% to Rs 1607. Mcap of the IT firm rose to Rs 6.66 lakh crore. HCL Tech stock rose 2% to Rs 1681.60.
Shares of TCS rose 1.58% to Rs 3475.80. Market cap of TCS rose to Rs 12.57 lakh crore on BSE. Other IT stocks such as Sasken (4%), Persistent Systems (3.62%), Datamatics (6.63%), Nucleus (3.62%), Cigniti Technologies (3.39%) , Coforge (3.17%), Netweb Technologies (3%), Mastek (2.59%), Birlasoft (1.01%), and Sonata Software (0.78%) were the top gainers on the BSE IT index today.
Meanwhile, Sensex climbed 17 pts to 82,462 and Nifty rose 21 pts to 25,125 in the afternoon session today.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.