After the panic sell-off in Thursday's trading session (September 24, 2020), Indian indices today have extended early morning gains with Nifty close to 11000 points primarily helped by IT stocks.
Nifty IT at the time of writing this copy was up over 3% led by gains in HCL Technologies which is the top index gainer on both the Nifty and Sensex with gains of 6% made during the day, TCS also jumped over 4% on partnership with Maurices, a woman's fashion apparel retail chain in the US and Canada. Among other stocks Infosys, Tech Mahindra, Wipro and Mindtree also gained over 2% in trade today.
Coforge, previously known as NIIT Tech, jumped over 8% to hit its 52-week high price of Rs.2287.35 per share on the BSE.
One of the trigger for the rally in IT stocks today has been the release of Q4FY20 results by Accenture, globally leading company in IT and consulting services. Though the company has missed on sales estimates for the fourth quarter and its revenue forecast for the current quarter remains below Wall Street estimates, strong footing in outsourcing, resilient order book as well as cheering management commentary are key positives from the IT industry perspective as a whole.