NEW DELHI: The S&P BSE IT index rallied in a weak market on Monday, led by strong buying in Tech MahindraBSE 2.35 % and HCL Technologies which rallied over 2 per cent each to hit their respective 52-week highs.
At 10:30 a.m.; the BSE IT index was trading 0.7 per cent higher, while the BSE Sensex was down 220 points or 1.1 per cent at 19,696.
Tech Mahindra Ltd rallied nearly 3 per cent in trade to touch its fresh
52-week high of Rs 1,440. The stock pared some of the morning gains and
was trading 2.6 per cent higher at Rs 1437.10.
HCL Technologies Ltd rose as much as 2.7 per cent in morning trade to hit its 52-week high of Rs 1129 on the Bombay Stock Exchange. The stock pared some of the gains and was trading 2.5 per cent higher at Rs 1123.50.
After rallying a little over 4 per cent last week after Goldman Sachs upgraded the IT major to 'buy', the stock was trading 0.8 per cent higher at Rs 2050. InfosysBSE 0.10 % starts the earnings season when the IT major reports Q2 results on Friday, October 11, 2013 was trading marginally higher at 0.2 per cent to Rs 3022.70.
According to analysts, most of the frontline IT firms such as TCS, Infosys, Wipro and HCL TechBSE 2.51 % to report robust earnings in 2nd quarter, citing higher demand from the United States and Europe and sharp depreciation in rupee in the quarter. IT stocks, led by Infosys will kick-off earning season in the second week of October. Infosys, the second largest exporter is scheduled to reports its earnings for the quarter ended September 30 on Friday.
Last week, technology stocks rallied after global investment bank raised the Indian IT sector's dollar revenue growth to 15 percent by fiscal 2015 from 12 percent, citing stronger demand in the United States/European Union, rise in outsourcing deals and a better deal pipeline.
The investment bank also upgraded Tata Consultancy Services to 'BUY' from 'neutral' for a target price of Rs 2300 from Rs 1700 earlier. Goldman Sachs also added Tech Mahindra Ltd to its conviction buy list.
The investment bank says the rebound in European budget growth is particularly robust and coincides with improving macro indicators.
By
Shah Mohammad Abdul Qadir
PGDM-I
At 10:30 a.m.; the BSE IT index was trading 0.7 per cent higher, while the BSE Sensex was down 220 points or 1.1 per cent at 19,696.
Tech Mahindra Ltd rallied nearly 3 per cent in trade to touch its fresh
52-week high of Rs 1,440. The stock pared some of the morning gains and
was trading 2.6 per cent higher at Rs 1437.10. HCL Technologies Ltd rose as much as 2.7 per cent in morning trade to hit its 52-week high of Rs 1129 on the Bombay Stock Exchange. The stock pared some of the gains and was trading 2.5 per cent higher at Rs 1123.50.
After rallying a little over 4 per cent last week after Goldman Sachs upgraded the IT major to 'buy', the stock was trading 0.8 per cent higher at Rs 2050. InfosysBSE 0.10 % starts the earnings season when the IT major reports Q2 results on Friday, October 11, 2013 was trading marginally higher at 0.2 per cent to Rs 3022.70.
According to analysts, most of the frontline IT firms such as TCS, Infosys, Wipro and HCL TechBSE 2.51 % to report robust earnings in 2nd quarter, citing higher demand from the United States and Europe and sharp depreciation in rupee in the quarter. IT stocks, led by Infosys will kick-off earning season in the second week of October. Infosys, the second largest exporter is scheduled to reports its earnings for the quarter ended September 30 on Friday.
Last week, technology stocks rallied after global investment bank raised the Indian IT sector's dollar revenue growth to 15 percent by fiscal 2015 from 12 percent, citing stronger demand in the United States/European Union, rise in outsourcing deals and a better deal pipeline.
The investment bank also upgraded Tata Consultancy Services to 'BUY' from 'neutral' for a target price of Rs 2300 from Rs 1700 earlier. Goldman Sachs also added Tech Mahindra Ltd to its conviction buy list.
The investment bank says the rebound in European budget growth is particularly robust and coincides with improving macro indicators.
By
Shah Mohammad Abdul Qadir
PGDM-I
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