The Nifty IT Index is in the green in a falling market on February 12. Among the sectoral indices, it is the only index trading in the green. The Nifty IT index has gained as much as 295 points or 0.7%. The relative value after the recent sell-off and the encouraging expectations for Q4 are some of the key reasons helping the gains in these stocks.
This is the sixth straight trading session when the key indices are falling. The Nifty 50 has fallen over 250 points, or 1.1%, while the Sensex has fallen 860 points in early trade hours. However, the IT stocks are showing significant resilience.
The share price of TCS, Infosys, and Tech Mahindra were the only ones to support the Nifty 50. The Nifty IT’s constituents were among the top five gainers on the Nifty 50. TCS, Tech Mahindra, Infosys, and HCL Tech were the significant gainers in the Nifty 50.
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Except for L&T Technology Services, Persistent Systems, and Coforge, most of the stocks in the Nifty IT are trading in the green.
Tracking Nifty IT Index
Though the Nifty IT Index is higher today, it has fallen 3.6% in the last five trading days and 1% in the past month. The index has erased over 6% of investors’ wealth in the last six months. It has given a return of 5.7% in the past one year.
Better quarterly results
The IT companies performed according to expectations in the thor quarter of the current financial year. The growth of driven by increased discretionary spending, favourable US and Euro zone economy, etc. “We remain positive on the sector, anticipating favourable US macro and strong deal flow momentum to drive growth in the near term,
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