Market Now: IT stocks in green; Infy, TCS, TechM surge

NEW DELHI: Shares of Infosys (up 2.86 per cent), Tata Elxsi (up 2.26 per cent), Tata Consultancy Services (up 1.98 per cent), Tech Mahindra (up 1.73 per cent), KPIT Technologies and HCL Technologies (up 1.16 per cent) were among top gainer IT stocks in the morning trade on Tuesday.

Short-covering in the IT sector kicked off on optimism about impending quarterly results. Blue-chip TCS is due to announce numbers on July 13. There is also renewed positivity over global growth after last Friday's higher-than-expected US employment data.

Infosys is scheduled to report its financial results for Q1FY18 on July 14.

IT sector has seen a tough phase in recent times as investors remained cautious over reports of layoffs and H-1B visa issues. Appreciating rupee against dollar also dented IT sector's trade prospects.

The Nifty IT index was trading at 10,573.95, up 2.06 per cent at 10.24 am (IST).

BSE Sensex and NSE Nifty hit their fresh all-time high of 31,842.37 and 9,814.60, respectively, in trade on Tuesday.

Sustained inflows by institutional investors amid hopes of normal monsoon continued to keep market upbeat..

Over 40 stocks, including Sanwaria Agro, Central Depository Services (India), Aditya Birla Money, Magnum Ventures, First Winner, Pearl Polymers and Goa Carbons hit their fresh 52-week high on NSE.

In the Nifty50 pack, 30 stocks were trading in green, while 20 stocks were in red.

On BSE, 1,229 stocks were advancing whereas 951 stocks were in red.

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