TCS, Infosys lead rally in IT stocks

Aug 23, 2011 |

mumbai

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Led by TCS, IT stocks on Tuesday staged a comeback in the stock market and helped the broader market settle in the positive terrain.

The country's biggest IT exporter, TCS, settled 6.66 per cent higher at Rs979.50 on the Bombay Stock Exchange (BSE). During the day, the stock surged by 7.37 per cent to touch a high of Rs986 a piece.

Infosys closed with 3.64 per cent gains at Rs2,274 a share.

HCL Tech also rose by 2.51 per cent, Tech Mahindra 3.67 per cent and Wipro 0.20 per cent.

The BSE IT index settled at 4,895.56, up 3.94 per cent and was the best performer among the 13 sectoral indices.

The surge in TCS and Infosys was a contributed significantly to the rally in the broader market.

The BSE benchmark index Sensex closed with 0.96 per cent gain at 16,498.47.

IT stocks were under severe pressure in the recent past as investors were spooked by fears of a double-dip recession in the US and spread of eurozone crisis. The Indian software exporters earn a big chunk of their revenues from the US and Europe.

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