After improved global cues, Indian markets have been resilient and continue their winning streak after Friday's and Monday's big sell-off. Nifty at day's high has even scaled to 17,100 levels, while broader markets are outperforming and Nifty Bank has been trading in line with the headline indices.
Among sectoral indices, most strength is seen in the Realty pack followed by PSU Banking pack.While in particular the IT stocks which are seen to be future multibagger showed momentum with gains of close to 0.5 percent on the Nifty IT index.
Of the 10 constituents, 7 traded in the green, with Infosys and Tech Mahindra hitting fresh 52-week high in trade today of Rs. 1860 and Rs. 1691.1 per share on the NSE, respectively.
IT sector has been seeing resilience despite the broader sell-off and experts have been giving the stocks from the pack a 'Buy'. Few days ago, Accenture, which reported its Q1 earnings as it follows September-November as its first quarter also boosted sentiments.
Meanwhile, other scrips that are 5-7% away from their 52-week high are Wipro and Larsen and Toubro Infotech. Other IT stock that hit 52-week high is the BirlaSoft.