Amid weak global cues, while indices started on a weak note, they have pared their losses, while Nifty traded with minor weakness, Sensex has gained. While a host of sectors a trading in the red, IT is trading firm with gains of 0.57 percent. Other indices in the green have been the pharma which is trading flat, FMCG and the media space.
Talking specifically about the IT constituents, 6 of the 10 stocks namely, HCL Tech, Mindtree, Tech Mahindra, Coforge, Mphasis, Larsen and Toubro Infotech hit their fresh 52 week high.
Notably, the other Nifty IT stocks such as TCS, Infosys, Wipro and Oracle Financial are also trading within 2 percent and 5 percent from its 52 week high.
The gains in the pack are seen as even as some of the mutual fund managers are moving funds from the IT scrips to other potential sectors and scrips.
Even though Indian markets have outrun global indices in view of the weak outlook and recession scenario being hinted in the US, it is being said that Indian markets divergence with the global markets shall not last.