Even as Sensex and Nifty trade at day's high despite India-China tensions along the border getting serious, IT stocks are leading gains with Nifty IT up close to 2% in trade today.Among the individual stocks, the IT stocks pushing the index higher include TCS, Infosys, HCL, Wipro and L&T Infotech.
And as the day progressed on fastest recovery, Nifty IT index notched 52-week high.
And with it all of the 10 constituents hit a fresh 52-week high including TCS, HCL, L&T Infotech, Naukri, Coforge, Wipro, Tech Mahindra, Mphasis hitting their respective 52-week high price.
The surge in IT stocks is also on account of strong investors' interest seen for Happiest Minds and the same is expected to last until the IPO closes. "Normally, when a good company get into the primary market the same sector sees buying interest as per the premium demanded by IPO company," Vishal Wagh, Head of Research, Bonanza Portfolio Ltd, told a leading business daily.
Also, Wipro informed exchanges that it has inked a multi-year global automotive software engineering contract from Marelli.
Meanwhile other sector indices like the banking also are gaining ground as the Sensex and Nifty turn resilient.