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.