Infosys, TCS rub-off impact! IT stocks surge up to 14%, Nifty IT hits new 52-week peak

The rally in IT stocks pushed Nifty bulls to a new lifetime high of 21,848.20 on Friday. IT counters surged up to 14% on a rub-off impact from Infosys and Tata Consultancy Services (TCS) while the Nifty IT index also hit a fresh 52-week high of 36,482.25.

Nifty IT rallied 5% or 1,747 points in the intra-day trade with all 10 stocks trading in the green.

In the largecap pack, the top gainer was Infosys which soared 8% to the day's high of Rs 1,613.65 on the NSE, notwithstanding a 7% year-on-year (YoY) fall in its consolidated net profit at Rs 6,106 crore. The IT major's revenue from operations during the third quarter rose by 1% to Rs 38,821 crore, compared with Rs 38,318 crore in the corresponding quarter of last year.


TCS, meanwhile, gained 4.2% to attain the day's high of Rs 3,894.

Their smaller peers Cyient and Firstsource Solutions rose 6% and 14%, respectively.

The earnings from the two IT bellwethers had a rub-off impact on other IT counters as well, with Mphasis gaining nearly 6%, while Coforge advanced 6% to hit a 52-week high.

Others including Tech Mahindra, Wipro, LTIMindtree, Persistent Systems, HCL Technologies, and L&T Technology Services (LTTS) were up between 2.74-4.55%.

HCL Technologies which will announce its quarterly earnings later today also hit its 52-week high of Rs 1,537.90. Persistent and LTTS were other IT stocks that hit their 52-week highs.

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