BSE IT index was trading close to its record higher of 27,074 in firm offers on Tuesday. At least 10 stocks like Infosys, Mindtree, L&T Technology Services (LTTS), Sonata Software, Coforge, and Persistent Systems, amongst other folks hit their respective highs. BSE IT index jumped 2.38 per cent to 27,000 intraday as against a achieve of .66 per cent in S&P BSE Sensex. From existing levels, the IT index is just .27 per cent away from its all-time higher. So far this month, the BSE IT index has rallied practically 10 per cent, against a 2 per cent rise in the 30-share index. In today’s session, IT stocks had been outperforming the significant indices.
The existing trend can be continued for this week at least, says Vishal Wagh, Head of Research, Bonanza Portfolio Ltd. “The Nifty IT index may face resistance around 27,000-27,176. But stock-specific momentum may remain in the market,” Wagh told TheSpuzz Online. Stocks such as Mindtree, HCL Technologies, and Coforge may well continue to lead the rally.
Ruchi Burde and Seema Nayak, analysts at BOB Capital Markets, mentioned that with the acceleration in digital demand post Covid-19, reskilling has gained prominence for IT players. Indian IT majors have stepped-up efforts, deploying 1-1.5 per cent of income to upskill their workers. This figure is anticipated to rise in the coming years. “Nasscom has taken it upon itself to digitally train four million IT professionals in the next five years,” analysts added.
Infosys has a devoted ‘Reskill and Restart’ platform and has developed more than 75 new courses to make its employees future-prepared. “We believe Indian IT large caps have an advantage over midcaps in terms of capturing the ongoing demand upcycle because of their timely investments in reskilling,” they added.
Among person stocks, Infosys shares hit a record higher of Rs 1,406.25, on the BSE, surpassing its prior higher of Rs 1,392.70, which touched on January 13 this year. Besides, Infosys has also informed the bourses that a meeting of the board of directors of the business will be held on April 13 and 14, to approve and take on record the audited consolidated monetary final results of the business and its subsidiaries for the quarter and year ending March 31, 2021. Other stocks in the BSE IT index, Coforge hit a 52-week higher of Rs 2,984.10, FSL Rs 115.60, Intellect Design Arena Rs 1,406.25, L&T Technology Services Rs 2,858.35, Mindtree Rs 1,992, Persistent Systems Rs 1,867, RPSG Ventures Rs 397, Sonata Software Rs 533.35 and Zensar Technologies Rs 335.90.