The eight stocks of the index that hit their fresh 52-week highs were Infosys, HCL Tech, Wipro, Tech Mahindra, Coforge, Larsen & Toubro Infotech, Mphasis and Mindtree.
Most IT stocks traded with healthy gains in intraday trade on September 24, giving a boost to their sectoral index, Nifty IT.
The Nifty IT index rose almost 3 percent with eight stocks, out of a total of 10 hitting fresh 52-week highs.
The eight stocks of the index that hit their fresh 52-week highs were Infosys, HCL Tech, Wipro, Tech Mahindra, Coforge, Larsen & Toubro Infotech, Mphasis and Mindtree.
IT stocks rose in the wake of a strong earning reported by global IT firm Accenture.
The IT firm reported robust revenue growth for the quarter ending August 2021, crossing the milestone of $ 50 billion in annual revenue for FY21. This translates to incremental revenue of close to $ 6 billion in a single year.
In terms of profits, the company has reported a 10 percent YoY increase in net profit at $ 1.44 billion in the August quarter, from $ 1.3 billion for the comparable quarter last year. Accenture follows September to August for its fiscal.
Rupee’s weakness against the US dollar also supported IT stocks. Rupee’s weakness is considered positive for some IT companies as they get a significant part of their revenue in dollar terms.
The Indian rupee depreciated 13 paise to 73.77 against the US dollar in opening trade on September 24, in line with other Asian currencies amid a strong greenback in the overseas market.
At 1210 hours, the Nifty IT index was 1.75 percent up at 37,461.15 with all components in the green, up between 0.3 percent to 5 percent.
