Nifty IT crosses 46K milestone! Infosys, Wipro other tech stocks gain up to 4% to new 52-week highs

Indian IT stocks outperformed the broader market on Thursday, with the Nifty IT index hitting a new high of 46,000. Leading the charge were Coforge and Tech Mahindra, which surged up to 4%.

Several other IT stocks, including Infosys, Wipro, HCL Technologies and Mphasis, also reached their 52-week highs.

Coforge shares rose 3.8% to Rs 9,349, Tech Mahindra shares went up by 2.7% to Rs 1,807, LTIMindtree shares gained 2% to Rs 6,733 while Infosys shares rose 1.5% to Rs 1,998.

Meanwhile, the shares of Persistent Systems, Wipro, HCL Technologies, and Mphasis zoomed between 1% and 2.6%.


Nifty IT was the only sectoral index trading in the green today around 11:40 am, up by 0.96%.

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The impressive rally comes on the back of recently released U.S. inflation data, which has bolstered investor confidence and heightened expectations of an imminent interest rate reduction by the Federal Reserve.

“The strength of the mother market, which indicates that the global market rally is intact, is a support for other markets, too. Even though the US CPI inflation in November at 2.7% has come a bit above the October numbers, this was on expected lines and, therefore, the expectation of a 25bp rate cut by the Fed is intact,” said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

In India, the November CPI numbers are to be released today, which are likely to be keenly watched.

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