Shares of Information Technologies companies were trading higher over 4 per cent on the Bombay Stock Exchange, led by gains in index heavyweights, such as Infosys, Tata Consultancy Services (TCS), HCL Technologies, after analysts opined that financial year 2017 will be better for the IT industry.
According to Business Standard report, the calendar year 2017 will be better for the IT sector as the impact of some of these cyclical factors should recede in going into 2017, potentially converting into tailwinds.
In line with benchmark indices, shares of Infosys gained as much as 5.59 per cent to hit intra-day high of Rs 984.90 apiece on Bombay Stock Exchange, followed by Tata Consultancy Services (Rs. 2273.45,+3.98%), GAIL (India) Ltd. (Rs. 416.60,+3.30%), Wipro Ltd. (Rs. 463.15,+2.71%), Tata Steel Ltd. (Rs. 408.00,+2.45%), among others.
Meanwhile, the broader benchmark BSE Sensex was trading at 26,100.88, up 240.71 points, or 0.97 per cent, at 12:05 hours.
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