Indian benchmarks have erased some early losses on Thursday as the homegrown IT stocks hit 52-week fresh new highs on both BSE and NSE.
Among the components of IT Stocks that were trading with gains, TCS (up by 28.95 points trading at Rs 3723.65 per share), Infosys (up by 8.85 points trading at Rs 1894.40 per share) and Tech Mahindra (up by 25.10 points trading at Rs 1811.75)
The shares have edged up in trading as the information technology sector gained. The Nifty IT Index added over 0.9 per cent. The IT index has added points for a fifth straight week and is up over 60 per cent throughout the year. Due to the large order books of companies and sudden digital transformation have posted strong earnings for the retail investors.
Both the indices had a gap up the opening from their respective previous close due to the positive impact of the Asian markets, while the country reported the highest jump in daily coronavirus cases in a month this will cap the gains for the retail investors.
The Nifty IT Index is up 1 per cent amid volatility across the board due to the expiry of F&O contracts and with emerging fears of Omicron weighing on market participants.