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IT stocks rally on stellar Infosys Q1 earnings; help Sensex, Nifty close higher

The rally in the IT sector behemoth lifted sentiment across the IT index. The BSE IT index closed 683 points higher at 17,194 against previous close of 16,511

twitter-logoBusinessToday.In | July 16, 2020 | Updated 17:04 IST
IT stocks rally on stellar Infosys Q1 earnings; help Sensex, Nifty close higher
In last two sessions, the index has rallied 1,453 points after another IT major Wipro reported better than expected Q1 earnings

IT stocks led the market higher today after Infosys reported its Q1 earnings which came above expectations. Share price of Infosys hit all-time high today after the IT firm reported a 11.5 per cent growth in consolidated net profit in first quarter of current fiscal.

The stock gained up to 15% to Rs 955 against previous close of Rs 831.45 on BSE. The rally in the IT sector behemoth lifted sentiment across the IT index. The BSE IT index closed 683 points higher at 17,194 against previous close of 16,511. In last two sessions, the index has rallied 1,453 points after another IT major Wipro reported better than expected Q1 earnings. 

Wipro share price rallied 17% intra day on July 15 to Rs 264.9 after the firm reported a marginal rise in consolidated profit to Rs 2,390.4 crore in Q1 of current fiscal.

In corresponding quarter of previous fiscal, the IT firm reported a consolidated profit of  Rs 2,387.6 crore. The stellar Q1 earnings of IT firms despite coronavirus lockdown buoyed sentiments on Dalal Street.

Later, Infosys stock closed 9.63% or Rs 80 higher at Rs 911 today.  Subsequently, Nifty IT Index gained 466 points or 2.83% to 16,296 against previous close of 16,459. Powered by rally in IT stocks, Sensex closed 419 points higher at 36,471 and Nifty climbed 121 points to 10,739.

The stock was top gainer on Sensex and Nifty. On Nifty, the share gained 9.51%  or Rs 79 to Rs 910. Among other gainers, banking and pharma shares led the gains on benchmark indices.

While BSE bankex closed 295 points to 24,464 , BSE oharma index gained 203 points to 16,942.

Since March 23, BSE IT index has risen 5,992 points to 17,194. On March 23, the index crashed to 11,202 level after negative sentiments arising out of coronavirus roiled Sensex and Nifty.

While Sensex lost 3,934 points to 25,981, Nifty closed 1,135 points lower at 7,610 during the same session. Intra day, Sensex hit an intraday low of 25,880 and Nifty fell to 7,583. All Sensex and Nifty stocks closed in the red.

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By Aseem Thapliyal

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