Nifty IT Trades Over 2.5%; Mindtree, Mphasis, Coforge, OFSS Hit New 52-Week High

After starting on a sluggish note, markets are at a day's high with Nifty trading higher above 15,850 points. Broader markets on the other hand are underperforming with gains of just 0.14% on the Nifty Midcap 100.

Nifty IT Trades Over 2.5%; Mindtree, Mphasis, Coforge, OFSS Hit New 52-Week High

Among Nifty sectoral indices, auto, realty, PSU Bank and FMCG traded lower, while other indices have been in the green with maximum strength in the IT pack of over 2.5% at the time of writing this copy.

Individually, the top IT stocks pulling the index higher are Infosys, Wipro, L&T Infotech, Mindtree and Mphasis. And the stocks from the space that hit 52-week high today include Mindtree, Mphasis, Coforge and Oracle Financial Services.

Mindtree in its Q1FY22 results posted revenue growth of 7.5% plus and even more its record wins increased substantially by over 30%.

Another IT major Infosys is due to announce its Q1Fy22 results today and it is expected that the IT major may up the guidance for FY22.

Also on the sidelines, CNBC TV report suggest that Gartner has upped IT spending from 8.4% to 8.6%.

GoodReturns.in