Indian IT company stocks were broadly in the fast lane during Wednesday's trading session after global tech stocks witnessed a sharp rally. The Nifty IT index has outperformed the benchmark Nifty 50 led by huge buying sentiment in heavyweights technology stocks. Treasury yields have retreated from their rising spree and maintain a downside which further lifted investors mood in IT stocks.
At around 11.29 am, Nifty IT was trading at 25,927.15 higher by 344.80 points or 1.35%. The index has gained an intraday high of 25,927.15.
L&T Infotech was the top gainer on Nifty IT, soaring by at least 5.2% followed by Coforge advancing by 4.9%. Over 2.5% surge was recorded in Mindtree stock, while Mphasis jumped by 2.2%.
Heavyweights like Wipro and Tech Mahindra zoomed by nearly 2% each. Moreover, Infosys and HCL Tech drove the index rising 1.2% each.
TCS which is the second most valued company after RIL on stock exchanges, also played a key role in bolstering the index by contributing nearly 1%.
However, Naukri.com was the only underperformer with a marginal drop.
On the global front, the tech-heavy Nasdaq made its biggest single-day rise since November 4 last year and settled with a nearly 4% gain recovering losses of previous trading sessions as investors feasted on heavyweight technology stocks.
Overnight, Tesla Inc recorded its highest climb in nearly a year and settled nearly 20% up. While Amazon.com Inc and Microsoft Corp registered the biggest single-day gains in five weeks by surging nearly 4% and 3% respectively.
Other technology giants like Apple Inc and Facebook Inc skyrocketed by more than 4% each, while Netflix soared nearly 3%. Google's parent Alphabet Inc zoomed nearly 2%.
Nasdaq settled at 13,073.82 higher by 464.66 points or 3.69%.
Technology stocks witnessed sharp correction in recent weeks as rising yields escalated concerns over their high valuations.
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