Nifty IT index soars nearly 3%; Tech Mahindra, HCL Tech, Infy gain up to 4%

Shares of information technology (IT) companies were in focus on Monday with the Nifty IT index gaining nearly 3 per cent on the National Stock Exchange (NSE) in intra-day trade. The buying at these counters is attributed to sharp over 3 per cent surge on the technology-heavy Nasdaq Composite index on Friday, as investors reassessed the expected path of Federal Reserve interest-rate hikes.

At 09:41 AM, the Nifty IT index, was the top gainer among sectoral indices, as compared to 1.3 per cent gain in the Nifty 50 index. The IT index had hit a 52-week low of 26,399.75 on June 17, 2022. In the past three months, Nifty IT index tanked 24 per cent, as compared to 7 per cent decline in the Nifty50 index till Friday.