With the Indian rupee strengthening against the US dollar, the IT stocks were back in the reckoning with two IT majors — Infosys and Tech Mahindra — along with NIIT Technologies, touching a new 52-week high today.
While some of the smaller IT companies also joined the party, eClerx Services, which has been scaling new highs in the past few sessions, witnessed profit-booking.
Tech Mahindra rallied to a new yearly high of Rs 1,738.95 before easing to Rs 1,721.20, a gain of Rs 49.20. Infosys touched a fresh 52-week high of Rs 3,412, but shed some gains to trade at Rs 3,396.05, a gain of Rs 41.80.
Two other frontline IT stocks — TCS and HCL Tech — were relatively subdued. While TCS was up by Rs 12.35 at Rs 2,038.55, HCL Tech gained Rs 11.40 to trade at Rs 1,096. Wipro was somewhat muted, up by Rs 5 at Rs 491.30.
Financial Technologies was the biggest gainer in terms of percentage, up by Rs 30.15 or 19.98 per cent to trade at Rs 181.05. NIIT Technologies touched a new 52-week high of Rs 315 before moving down to Rs 312.55, a gain of Rs 9.45.
Persistent Systems and eClerx Services were under some selling pressure. While Persistent was down by Rs 8.55 at Rs 809, eClerx, which had been touching new yearly highs in the past few trading sessions, lost Rs 38.80 to trade at Rs 1,163.70, a loss of Rs 38.80.
The rupee was trading strong by 67 paise at 62.44 against the dollar at 3.09 p.m. local time on continued selling of the US dollar by banks and exporters and on the back of recovery in the domestic equity market.
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