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Nifty IT Hits New Record High; Mphasis Top Gainer
In an otherwise weak market, sectoral indices that gained ground have been energy and IT stocks. In fact Nifty IT in trade on July 27, 2020 has once again hit a new record high with gains of 2%.
Mid cap IT stocks including the likes of Mphasis, L&T Infotech have been all up in the range of 3-8%. And the index heavyweights including TCS, Tech Mahindra were up 2% each.
Earlier on July 21, 2020, the sectoral index Nifty IT hit a high of 17514, while today it made a high of 17,643.90.
This is perhaps on better than expected results from Indian IT players who despite the pandemic have managed to crack new deals for the April-June 2021.
Mphasis has been the major gainer on the street today with gains of 8% after it reported earnings for the June ended quarter in line with street estimates. Also, the stock along with HCL Technolgies hit a new high on the bourses today.
Also, the stock of Infosys was also trading close to its all time high price of Rs. 955.5.
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