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Interest In IT Stocks is Back; HCL, TCS See Good Buying During The Week
Interest in tech stocks is back and this week saw frontline IT stocks gaining ground. Tata Consultancy ended last week at Rs 2510 closed the week at Rs 2613, jumping on almost all the days of the week.
Dealers say that there is ample liquidity from Indian domestic institutions and at the moment there is not many stocks to choose from, which is why they are buying into IT stocks.
The rupee also weakened past the 64 levels, which may have prompted some buying at the current levels.
IT stocks had lost heavy ground in April following a slew of disappointing results from HCL Tech, TCS, Infosys and Wipro.
Analysts say that we might see some improvement in performance this quarter and the cross currency headwinds that impacted profits last week may wane.
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