Nifty IT in intra-day trade on September 23, 2020 stands apart outlying gains in other indices and surged up to 1.8%, while the benchmark Nifty in the afternoon session was trading with a negative bias holding just 11150 levels.
On the resilience in IT index and some stock specific moves, IT sector stocks zoomed to fresh 52-week high including Infosys, Mindtree among others. Infosys peaking to its all time high of Rs. 1037.1 per share on the BSE, with gains of 3%, hit a market cap of close to Rs. 4.5 lakh crore. Mphasis also scaled to its 52-week high of Rs. 1418 per share on the BSE.
In fact on the BSE and NSE, HCL Technologies and Infosys have been the top gainer.
TCS and some other IT constituents though in later part of the trade were dragging the index down. At the time of writing this story, the stock of TCS quoted down by 2.52% or Rs. 63.55 at Rs. 2460 per share on the BSE.
Also, from a medium term perspective, given the tech demand, there has been continuous re-rating for IT stocks as investor confidence is on the higher side. Also, Indian IT companies have been renewing their IT solutions via deals and other partnerships.