Nifty IT index hits 52-week high; Wipro spurts 3%

Hot Stocks
admin
July 17, 2023
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9 minutes read

Since touching its 52-week low of 26,184 on April 17, the index has climbed nearly 5,500 points.

The Nifty IT index hit a 52-week high on July 17.

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The Nifty IT index hit a 52-week high on July 17, with most constituents trading at multi-month highs despite lacklustre earnings from the IT majors for the first quarter of this fiscal.

The index was trading 0.29 percent up at 31,036.75 at 1.50 pm, after touching its 52-week high of 31,658.10 earlier in the session.

Since touching its 52-week low of 26,184 on April 17, the index has climbed nearly 5,500 points.

Wipro was the top gainer in the index, jumping around 3 percent, despite the IT major last week posting a lower-than-expected bottomline for the April-June period.

The IT services company reported a net profit of Rs 2,870 crore in the first quarter after market hours on July 13. Though the bottomline was up around 12 percent on year, it fell 6.6 percent on a sequential basis, largely due to a decline across all major financial metrics. Moreover, the net profit for the quarter under review also lagged the Street’s estimate of Rs 2,976 crore.

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On a year-to-date basis, the Nifty IT index is now trading with gains of over 10 percent, led by midcap IT names like Persistent Systems and Coforge, which have surged by nearly 30 percent each, while shares of Tech Mahindra, and LTIMindtree have gained over 20 percent each. Infosys is the only stock on the index now which is trading with losses on a year-to-date basis, although even that stock has recovered most of its losses.

Siddharth Bhamre, Research Head, Religare Broking, said he is bullish on the information technology (IT) sector, which is not finding too many takers right now because of the cautious view on the United States economy. And the latest quarterly numbers seem to bear that out. HCL Tech’s and Wipro’s June quarter earnings were short of market expectations and while TCS numbers just about met analyst estimates, there were signs of growth slowing down.

Also Read: Makes sense to buy IT now, says Religare’s Siddharth Bhamre

“The talk of the US slipping into recession has been on for more than a year now, and a large part of that fear is already reflecting in the prices. At one point, investors were willing to pay 35 times (one-year forward earning), now they balk at paying anything over 20,” he said, pointing out that IT stocks have been underperforming since tumbling from their record highs in January 2022.

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