Infosys limited lifted IT stocks even during coronavirus crisis.
Shares of Infosys surged nearly 3% to a record after software services provided reportedly a better first-quarter profit.
Tata Consultancy Services, India’s second-most valuable stock, rose 3.15%, pushing the Nifty IT index up nearly 5.4%.
The NSE Nifty 50 index rose 0.52% to 10,673.7 by 0450 GMT, while the S&P BSE Sensex gained 0.77% to 36,329.7.
“In such an uncertain environment, IT is one sector where there is some sense of visibility in top lines and bottom lines for investors,” said Deepak Jasani, head of retail research at HDFC Securities in Mumbai.
“However, this tech upside may be over and markets would expect something else going forward.”
“Markets need an improvement in macro- or micro-economic conditions to move upward, and that is not likely to happen soon,” Jasani said.
Among losers, the Nifty fast-moving consumer goods index fell 1.1%, with cigarettes-to-hotels conglomerate ITC Ltd shedding 2.7%.
Bharti Infratel and Indian Oil were the day’s top laggards, falling 4% and 3.2%, respectively.
