Tata Consultancy Services Ltd., Infosys Ltd. and HCL Technologies Ltd. remained in focus on Thursday as the Nifty IT index traded higher in early deals despite mixed moves across software stocks. The sectoral index was up 0.37% at 27,670 after recovering from the day's low, with gains in TCS and HCL Tech offsetting weakness in Infosys and a few peers. F&O data pointed to fresh positioning in select large-cap IT counters.**
The Nifty IT index fell in early trade before rebounding through the morning session. It touched an intraday low of 27,419.55 and later climbed to a high of 27,881 before trimming part of the gains. The index was trading at 27,670, up 0.37% from the previous close.
TCS, HCL Tech support index as gains remain selective
Tata Consultancy Services was among the top contributors to the sector, rising 1.51%. HCL Technologies gained 0.83%, while Oracle Financial Services Software advanced 1.84% and Coforge added 0.71%.
The broader trend within the sector remained mixed. Persistent Systems fell 0.58%, Mphasis declined 0.36%, Tech Mahindra slipped 0.34%, Infosys eased 0.19% and Wipro was down 0.18%.
F&O data signals fresh interest in large-cap IT stocks
Derivative data indicated fresh activity in select IT counters.
Among frontline companies, TCS recorded an increase of 6,095 contracts in June futures open interest, while HCL Technologies added 1,685 contracts. Infosys, however, saw open interest decline by 2,238 contracts in its June futures contract.
In the July series, TCS added another 1,046 contracts and HCL Technologies registered an increase of 4,156 contracts. Infosys recorded an increase of 9,802 contracts in July futures open interest.
Market data showed TCS trading about 2.05% higher in the June futures series and 1.65% higher in the July series. HCL Technologies gained 0.75% and 1.01% in the June and July contracts, respectively. Infosys was up 0.25% in the June series but slipped 0.12% in the July contract.
The Nifty IT index recovered from its intraday low and moved back above the previous close, while gains remained concentrated in a handful of large-cap stocks, the market data showed. F&O positioning reflected fresh additions in TCS and HCL Technologies, while activity in Infosys was mixed across the June and July futures series, the derivatives data showed.
The Nifty IT index traded within a range of 27,419.55 to 27,881 during the session before holding modest gains in morning trade.
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