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IT Index Hits Fresh High; 4 IT Stocks Hit Fresh High
Amid strong positive cues, Indian indices started the trading day on a positive note.Broader markets outperformed the headline indices, while Nifty Bank also traded in the green.
Among Nifty sectoral indices, IT pack posted the resilience performance, after good recovery seen in the metal pack. In fact, the IT index scaled to a fresh high of 34,262.6. Among the 10 Nifty IT index constituents, Mindtree, Tech Mahindra, Larsen and Toubro Infotech and Infosys hit fresh 52-week high.
It is being said that particularly large caps are rising which is fuelling a catch up rally in the space. As per analysts, the gains in the pack were long overdue. In the previous week, also on Wednesday, Nifty IT index hit a fresh high.
Besides mid-cap IT counters have seen robust gains and their revenues have come in companies has been higher than tier-I companies.
Now as experts recommend buying on large caps for potential gains in the near term, large cap IT caps also may be a good call.
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