HCLTech Rallies 5% After Strong Profit Growth

Markets opened flat today but turned higher quickly, led by IT stocks. The Sensex opened at 71,951.73, up 27 points from Monday’s close of 71,924.68, and the Nifty opened roughly flat. By 10 AM the Sensex was up 678 points (0.94%) at 72,602.97 and the Nifty was up 204 points (0.91%) at 22,568.05, even though global cues were negative. Easing oil and the RBI’s rupee support measures helped sentiment.

is the standout stock. It rose about 5% to around ₹1,283-1,287, up from a previous close of ₹1,223, after its Q2 results on Monday evening. Profit after tax rose 21.2% year on year (about 11% from the previous quarter). The whole IT sector is rallying. Nifty IT is up over 3%, rebounding from Monday’s sell-off. TCS rose about 5%, Tech Mahindra about 3.5%, Wipro about 3% and Infosys about 2%. Other gainers: HDFC Bank (+1.5%), Bajaj Finserv, Nestle India, Bandhan Bank and IRCON International. Early laggards were Power Grid, NTPC, Titan and Maruti, so the strength is concentrated in IT rather than broad.