13 stocks on the BSE IT index hit 52-week high including names like Tata Elxsi, Tech Mahindra, Mindtree, Cummins India, Wipro, NIIT, Infosys, TCS, HCL Tech and eClerx Services.
The Indian stock market continues trading flat amid volatility. Sensex is up 35.41 points or 0.06% at 55617.99, and the Nifty shed 3 points or 0.02% at 16560.
Among sectors, the IT index added over 2 percent led by Tech Mahindra which jumped over 3 percent followed by Infosys, HCL Tech and Wipro which gained over 2 percent each.
Share price of TCS was also up close to 2 percent as the stock breached the Rs 13 lakh crore market cap. According to an exchange filing by the company, the IT major was ranked among the top four supply chain service providers, as per HFS Research.
“TCS was ranked number one for breadth and depth of offerings and delivery excellence and among the top two for scale and experience, expertise, as well as strategy and vision,” it said.
13 stocks on the BSE IT index hit 52-week high including names like Tata Elxsi, Tech Mahindra, Mindtree, Cummins India, Wipro, NIIT, Infosys, TCS, HCL Tech and eClerx Services.
According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the Indian IT sector is on a roll. Covid putting digitization on fast forward mode has improved the prospects of IT companies. India’s IT majors expect this upcycle to continue for 3 to 4 years. However, non-availability of requisite talent, high level of attrition and rising employee costs are likely to pose challenges for the industry, he said.
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