The Nifty IT index rises 700 points; HCL Tech and Mindtree set new highs; while Infosys, TCS, and Tech Mahindra add to their gains.

On Tuesday, the Nifty IT index rose sharply, fueled by broad-based purchasing and the rise of heavyweight businesses. HCL Tech and Mindtree have reached unprecedented heights of accomplishment. With the exception of Oracle Financial Services, all other equities were surging. The index reached a new high of 36,310.75 points.

Several brokerages are bullish on the business as a result of the remarkable success of the main firms over the last 18 months. TCS, Infosys, Wipro, HCL Technologies, and Tech Mahindra are just a few of the numerous expanding firms. According to the industry, top-line sales growth will most likely remain around 10% in the future.

The NASDAQ 100 reached an intraday high of 36,105.35 before falling to a low of 35,332.85. At 2.58 p.m. local time, the Nifty IT index was up 699.55 points, or 1.98 percent.

Mindtree, the highest gainer, achieved a new 52-week high of Rs4,322.60 per share, up 4.6 percent on the day. L&T Infotech increased by 3.4 percent, as did Mphasis, while Coforge increased by 3.5 percent.

Tech Mahindra increased by 2.3 percent, while HCL Tech increased by over 2 percent after setting a new high of Rs1,315 per piece.

TCS, the index heavyweight, rose by more over 1%, while Infosys rose by 1.9 percent. Wipro was little more expensive. Oracle Financial was the greatest loser, with a 0.4 percent reduction in value.

IT Industries such as Wipro, Mtech hits new highs

The Nifty IT index surged about 5% in the previous two trading days to a record high of 29,745 in today’s intraday session. The index had reached a fresh all-time high of 29,311,55 at the closing of intraday trade on Wednesday. In contrast, the Nifty 50 index has increased 0.77 percent in the last two trading days.

Infosys, Wipro, Tech Mahindra, LTTS, Coforge, Happiest Minds Technologies, Tata Elxsi, Mindtree, and Sonata Software are among the 17 IT stocks that have climbed today.

As a result, BSE-listed Infosys shares touched an intra-day high of Rs 1,597.25, a 1.3 percent gain, after the country’s second-largest IT services business boosted its FY22 revenue growth forecast on Wednesday, citing a healthy deal pipeline. The stock increased from its previous high of Rs 1,590.85 on 30 June 2021. This represents a 14-16 percent improvement over the previous expectation of 12-14 percent revenue growth for Infosys in FY22. Analysts projected a one-percentage-point increase, so this projection is greater. The corporation, on the other hand, maintained its FY22 margin target of 22-24%.


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