Even as the benchmark indices are trading flat with a negative bias, the two indices that are climbing now are the pharma and IT index. Nifty IT at around 11:11 am is trading higher by 0.94% in comparison to a decline of 0.09% on the Nifty at 11091 points.
Gains in the index were led primarily from stocks including the likes of Infosys, TCS, HCL, Info Edge while Niit and Wipro were pulling it negatively.
Infosys at one point in trade hit a new high of Rs. 986, recording gains of 2.5% from previous day's closing price.
IT sector has been expected to recover fastest from the Covid 19 led slowdown owing to export oriented business, dollar appreciation tailwinds as well as due to advantages from the work from home front.
Infact the performance has been reported higher than street's estimates and Infosys has exceeded with brilliant performance across all metrics.
Also, brokerages like Axis Securities bet on large cap stocks in the space including Infosys and HCL Tech.
At 11:19 am, the stock traded higher by 1.14% at Rs. 972.85.