The Indian IT stocks on Friday (August 16) ended the week on a green note as investors cheered positive economic indicators from the United states.
The Nifty IT index surged 2.89 per cent or 1,147.00 points, ending the week at Rs 40, 878.25. The rally in the IT stocks was fueled by strong gains in the major IT companies such as TCS, Infosys, and Wipro, setting a strong tone for the market.
What's Behind the IT Surge?
The surge in IT stocks comes on the back of US economic data that eased fears of a potential recession.
Recent reports showed stronger than expected retail sales, declining jobless claims, and steady inflation in the US.
Performance Snapshot
During the intraday trading, several Nifty IT heavyweights, including Infosys, HCLTech, TCS, Tech Mahindra, LTIMindtree, and Wipro, were trading 1.5 to 3.6 percent higher.
Moreover, mid-cap IT stocks also posted a strong performance. Companies like Persistent Systems, Coforge, L&T Technology Services, and Mphasis saw gains ranging between 2 to 7 percent.
The August 16 rally marks the fifth consecutive day of gains for the Nifty IT index.
Shares Performance
1. Wipro
The shares of the company on Friday closed at Rs 516.10, up by 4.23 per cent or 20.95 points.
Wipro Shares Performance |
2. Infosys
The IT giant, Infosys shares surged by 1.85 per cent or 33.70 points, closing at Rs 1,856.95 per shares.
Infosys shares performance |
3. HCL Tech
The company shares on Friday ended the week at Rs 1,668.70 apiece, marked by increase of 2.62 per cent or 42.55 points.
HCL Tech shares |
4. Tata Consultancy Services Ltd
The shares of the company experienced a surge by 2.77 per cent, reaching Rs 4,414.20 apiece to end the day.
Apart from the LTIMidtree shares jumped by 2.53 per cent; Persistent Systems Ltd up by 1.80 per cent; Coforge Ltd increased by 3.32 per cent and Mphasis Ltd rallied by 6.96 per cent.
Stock Market
The Indian indices, the BSE Sensex increased by 1330.96 points or 1.68 per cent, ending the day at 80,484.33. Similarly, the NSE Nifty rose by 364.30 points or 1.51 per cent to close at 24,508.05 on Friday.
