IT Stocks on Fire: Coforge, Infosys, TCS & Mphasis Lead the Charge in Today’s Market Rally

The equity benchmark indices had a robust rebound on Monday after, as IT stocks drove its performance on the back of improving global cues as well as renewed investor confidence.

The Indian IT stocks have surged and had a notable rebound in the last few months, after a long phase of underperformance and this recovery is being driven by easing global macroeconomic headwinds, while also stabilising interest rate expectations and attractive valuations that lured investors back into the IT sector.

IT stocks were surging due to several factors such as a combination of global macro improvements and sector-specific developments.

Additionally, the inflation trends of the US have been favourable, reinforcing expectations of a more dovish US Federal Reserve. Inflation also declined to 2.3% in April before returning to 2.4% in May, which is still below estimates, increasing the likelihood of a rate cut, which could unlock corporate IT budgets globally, he added.

NIFTY IT: Top Gainers

Here are the top gainers of the NSE NIFTY IT index:

MPhasis: The shares of Mphasis closed at Rs 2,704.90 per share, 2.30% higher as compared to the previous close.

Persistent: The shares of Persistent closed at Rs 6,015 per equity share or 2.25% higher as compared to its previous close on the NSE.

OFSS: The shares of OFSS closed at Rs 9,676 per equity share, 2.08% higher as compared to its previous close on the NSE.

Tech Mahindra: The shares of Tech Mahindra were trading at Rs 1,693 per equity share, 2.07% higher as compared to its previous close on the NSE.

Coforge: The shares of COforge were trading at Rs 1,827 per equity share which was 1.92% higher as compared to the previous close on the NSE.

Also Read: NSE International Exchange At GIFT City Signs MoU With Cyprus Bourse - What’s In It For Global Investors?