Shares of Information Technology firms were in focus today with TCS, Wipro and Infosys shares hitting 52-week high ahead of earnings.
While, Nifty IT index closed 2.67% higher on Monday, Tata Consultancy Services (TCS) share price crossed the Rs 3,000 mark to hit a new 52-week high of Rs 3,043.90.
Trading among the top gainers on the BSE Sensex and Nifty indices, TCS stock touched an all-time high of Rs 3050, rising 4.16% on BSE. TCS share stands higher than 5, 20, 50, 100 and 200-day moving averages. Meanwhile, BSE IT - Software index gained 2.94% during today's session. The IT major plans to announce its Q3 earnings on January 8
TCS stock has risen 5.89% in the last 2 days. Market cap of the IT stock stood at Rs 11,40,443.52 crore during today's closing session.
Besides TCS, Tech Mahindra, other IT companies also hit their respective 52-week highs today.
Infosys shres gained 2.38% intraday to Rs 1290.35, HCL Technologies stock rose 3.54% intarady to Rs 984.05, its new 52-week high. Wipro also hit new high of Rs 397.95, rising 2.58% and Tech Mahindra, too, hit a fresh record high of Rs 1,004.25, up 2.73% intraday.
As Indian IT companies gear to announce their third-quarter earnings of the current fiscal, industry experts believe that the October-December results will be best in a decade. According to a recent report by Edelweiss Research, Indian IT companies are poised to report their best quarter in a decade on the back of highest-ever order books, marked revenue acceleration, margin expansion, and ongoing outlook upgrades.
Edelweiss said that upward guidance revisions by Indian IT companies, which set in two quarters ago, will be followed by upgrades in consensus forecasts for quarters to come.
"We expect Q3FY21 to continue to surprise, driving guidance upgrades by IT companies and estimate revisions by Street alike," Edelweiss said in its research report on IT sector.
TCS stock price closed 3.79% higher at Rs 3,039 today.