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Tech Mahindra Q4 Net Profit Falls 41%, Announces Growth Strategy
IT Indices Rally; BSE IT Hits 52-Week High
On Tuesday, domestic equities were turbulent, owing to lackluster gains in Asian markets and stretched valuations in the United States. The benchmark S&P BSE Sensex fell 120 points to 55,450, while the Nifty50 index dropped 45 points to 16,500.
The Sensex has been on a one-way rising trajectory. In just three months, the Sensex rose from 48,254 in mid-May to 55,583. In just three months, Sensex has returned 15.2 percent.
Bulls took control of heavyweight scrips like TCS, Tech Mahindra, HCL Tech, Infosys, and Wipro, among others, pushing them to new 52-week highs on Tuesday. The BSE-listed indexes were the main gainers, propelling the Sensex to new highs earlier today.
BSE IT was trading at 33,462 at 1.15 p.m., up 577 points or 1.78 percent. The index has risen to Rs33,470, a new 52-week high.
The BSE Teck index increased by 147.18 points, or 1.02 percent, to 14,540.99. 14580.44 is a new all-time high for the index.
Tata Elxsi was the highest gainer on the BSE IT, rising over 6%. NELCO, LTTS, Persistent, and NIIT all saw their stock prices rise by 3-5 percent. Brightcom Group, Majesco, HCL Infosystem, D-Link, Cyient, and KellonTech were among the bears, down 2-5 percent.
Tech Mahindra was the highest gainer on the BSE Teck, rising 3%, followed by Tata Communications, which rose 2.3 percent. Mindtree, L&T Infotech, and Coforge all increased by more than 2%.
Morgan Stanley advises investors to stick with midcap IT equities because they expect the revenue beat cycle to continue.
TCS, Wipro, Infosys, Tech Mahindra, HCL Tech, Mphasis, and L&T Infotech are among the heavyweights that have hit fresh 52-week highs today.
