IT Stocks Trade Higher In Otherwise Flat Market; Infosys, HCL, Coforge Hit Fresh High

Published: Tuesday, October 13, 2020, 12:54 [IST]

Benchmark indices in trade on October 13, 2020 traded flat with a positive bias as indices trimmed gains just before the SC hearing on interest on interest waiver case during the moratorium period which is now postponed to 2 pm.

Nonetheless, IT index Nifty index was still up 0.92 percent and hit a day's high of 22416.90, while at the time of writing this copy it was at 22406.

Now here are the IT stocks pulling the index higher and for below reasons:

1. Infosys:

It has been another day when the IT bellwether has hit a new high of Rs. 1146.5 per share on the BSE. Sharekhan has given a Buy call on the stock with a target price set at Rs. 1300, which is a 13% upside from here.

2. HCL Tech:

Ahead of its Q2 results, the stock has hit a new 52-week high of Rs. 896.40 per share on the BSE. Primarily the surge in the counter is on the back of strong guidance in its revenue as well as margins for the September ended quarter.

3. Coforge Ltd:

Previously called NIIT Technologies,this IT services company too has hit a fresh high of Rs. 2760 per share on the BSE. For the stock the average broker target is Rs. 1612, which is a downside of 41% from current levels.