Information Technology (IT) stocks traded high of Friday, February 27 despite weak trends in the Indian stock market today. The Nifty IT index rallied as much as 2.45% with almost all the constituents trading in the green.
Mphasis, LTI Mindtree, Infosys, Coforge and Tech Mahindra were the top Nifty IT contributors, gaining over 1% each. HCL Technologies, Wipro and TCS were also trading in the green.
The rally in IT stocks comes despite a fall in the benchmark indices. The BSE Sensex, and the NSE Nifty 50 were trading half a percent lower each.
Despite today’s gains IT stocks are reeling under loses this month weighed down by concerns of AI-led disruptions. The Nifty IT index has crashed over 21% so far in February.
“At the index level the market has been on a consolidation mode for three months now, without any significant breakouts or breakdowns. But within the index, there are significant up moves and down moves. Last one month alone saw a huge 20% cut in Nifty IT index following the Anthropic shock,” said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments.
