Zensar Technologies shares climbed nearly 11% in early trade on Friday, extending gains for a second consecutive session as the information technology sector continued its recovery.
The stock traded around Rs 515.75 apiece, up about 49.35 points during the first few hours of trading. It had also gained about 10% in the previous session.
The rally comes after the stock fell for four straight sessions between June 25 and July 1. The recent rebound follows an improvement in sentiment across the information technology sector, which has outperformed the broader market over the past two sessions.
The broader market also traded higher on Friday. The Nifty 50 rose about 0.7% after the opening bell, while the BSE Sensex gained around 540.65 points, or 0.69%, to trade near the 78,045 mark.
Zensar Technologies opened at Rs 478.50, compared with its previous close of Rs 467.35, marking a gain of 2.38% at the open.
Over the past week, the stock has advanced about 3.12%. It remains down more than 8% over the past month and has declined over 45% in the past year on the NSE.
The company had a market capitalisation of Rs 11,727 crore, according to NSE data.
IT Stocks Lead Market Gains
The Nifty IT index rose 2.61% to 27,670.1, making it the best-performing sectoral index on the NSE for a second straight session.
The recent recovery follows an extended period of weakness in information technology stocks. Improving sentiment has coincided with foreign institutional investors returning to domestic equities.
At the same time, concerns over the US macroeconomic environment and artificial intelligence-led disruption continue to weigh on the sector.
Market participants have also been buying IT stocks after recent declines, with expectations of stronger quarterly earnings adding support to the sector's recovery.
ALSO READ: Zensar Tech Share Price Rallies 9% In Early Trade As IT Stocks Rebound To Snap Four-Day Slump
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