IT stocks rally: TCS, Infosys, Wipro, Tech Mahindra, HCL Technologies hit 52-week highs

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Updated: January 16, 2018 11:00 AM

Shares of IT companies rallied on Tuesday with the blue-chip stocks such as TCS, Infosys, Wipro, Tech Mahindra and HCL Technologies hitting 52-week highs. The benchmark Nifty IT index also surged to 52-week high levels following a sharp rise in the underlying components.

Shares of India’s largest IT company and Tata group’s cash cow Tata Consultancy Services rose as much as 3.67% to a 52-week high. (Image: Reuters)

Shares of IT companies rallied on Tuesday with the blue-chip stocks such as TCS, Infosys, Wipro, Tech Mahindra and HCL Technologies hitting their respective 52-week highs. The benchmark IT index of National Stock Exchange Nifty IT also surged to 52-week high levels following a sharp rise in the underlying components. Shares of India’s largest IT company and Tata group’s cash cow Tata Consultancy Services rose as much as 3.67% to a 52-week high of Rs 2,847 while the stock of second largest IT firm Infosys shot up 2.48% to the 52-week high of Rs 1,108 on NSE. As at 10:35 am, shares of TCS, Infosys were among the top two shares in terms of value traded on NSE with a collective turnover of Rs 540 crore out of the total turnover of about Rs 3,080 crore NSE Nifty.

Shares of IT companies including Wipro, Tech Mahindra, and Tata Elxsi also soared to 52-week highs. The stock of Wipro was the top gainer on both Sensex and Nifty, rising as much as 5.31% to a 52-week high of Rs 329.25; Tech Mahindra shares advanced 3.2% to the 52-week high of Rs 561.5; while shares of Tata Elxsi jumped 2.94% to the 52-week high of Rs 1,075 on NSE. HCL Technologies shares zoomed 3.9% to a 52-week high of Rs 942.6 on BSE. The Nifty IT index also surged over 3% to the 52-week high levels of 12,355.

The widening in the trade deficit stalled Indian stock market while Sensex was just short of 64 points from hitting 35,000-mark. In the morning trades, India’s stock market started on a positive note on Tuesday with Sensex and Nifty opening a little higher as earnings optimism took a breather after India’s trade deficit rose by 41% year-on-year. BSE Sensex gained 34.2 points or 0.1% to began at 34,877.71 while NSE Nifty added 19.95 points or 0.19% to open at 10,761.5. In today’s trade, Sensex was just short off 64 points from hitting the psychological mark of 35,000. Shares of HDFC shed over 1% on the back of profit booking after the stock of India’s largest housing financier jumped over 7% intraday to hit an all-time high with its market cap crossing Rs 3 lakh crore on Monday. Shares of FMCG giant Hindustan Unilever rose about 1.6% to a 52-week high of Rs 1,389.

Meanwhile, the Indian rupee fell as much as 26 paise against the US dollar in the morning trades on Tuesday after India’s trade deficit for the month of December widened to a 3-year high following a sharp rise in imports. The difference between imports and exports rose about 41% to $14.88 billion in December as the imports of crude oil and gold increased the bills. The rupee shed 26 paise at 63.75 apiece US dollar at the interbank foreign exchange market on Tuesday.

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