Market Now: IT stocks spike on Morgan Stanley upgrade

NEW DELHI: IT stocks were hogging limelight in Tuesday's trade after global brokerage firm Morgan Stanley upgraded ratings for Infosys, Tech Mahindra and HCL Technologies to overweight.

The Nifty IT index was trading 3.13 per cent up at 12,368 around 11:35 am (IST), with all components in the green.

HCL Technologies (up 4.35 per cent), Wipro (up 3.90 per cent), Tata Consultancy Services (up 3.40 per cent), Tech Mahindra (up 3.01 per cent), Infosys (up 2.60 per cent) and Tata Elxsi (up 1.47 per cent) were the IT stocks that hit fresh 52-week highs in the Nifty IT index.


Fresh depreciation in the rupee also boosted IT stocks. The rupee declined by over 20 paise to 63.71 against the dollar in early trade on Tuesday on account of buying of American currency by banks and importers.

However, equity benchmarks saw some profit-booking. Benchmark NSE Nifty50 index was 10 points down at 10,731, while the BSE Sensex was flat at 34,842 around 11.35 am (IST).

Among the 50 stocks in the Nifty50 index, 19 were trading in the green, while 31 were in the red.

In the Nifty 50 index, HCL Tech, Wipro, Tata Consultancy Services, Infosys, Tech Mahindra were among the top gainers.

However, Bajaj Finance, Hindustan Petroleum Corporation, Vedanta, Coal India and Bharat Petroleum Corporation were among the top losers in the Nifty pack of stocks.