Shares of information technology (IT) companies were in focus in an otherwise subdued market on Wednesday with eight stocks from the S&P BSE IT index – Wipro, Birlasoft, Coforge, Firstsource Solutions, Mindtree, Persistent Systems and Sonata Software – hitting their respective record highs on the BSE in the intra-day trade today. Tata Consultancy Services (TCS), Tech Mahindra, Infosys, HCL Technologies and Larsen & Tourbo Infotech from the BSE IT and Nifty IT indices were up in the range of 1 per cent to 3 per cent.
At 10:13 am, the S&P BSE IT Index (up 1.2 per cent) and Nifty IT index (up 1.5 per cent) outperformed the market as compared to a marginal 0.02 per cent and 0.09 per cent gain in the S&P BSE Sensex and Nifty50 index, respectively.
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Axis Mutual Fund on Wednesday launched an exchange-traded fund focused on technology stocks. The new fund, Axis Technology ETF, opens on Thursday and closes on March 23. It will track the Nifty IT index, and offers investors an opportunity to invest in the biggest IT companies, the fund house said. It said globally, passive funds have been the fastest growing investment segment over the past several years as investors have warmed up to their simplicity and low cost-efficient structures. Passive investing has been gaining ground over the last few years in the domestic market as well, primarily due to wider participation of retirement trusts and greater investor awareness and maturity.
Read more about TCS, Infosys: These IT stocks may help Nifty50 claim new high on Business Standard. An up move above 26,000 levels may trigger a rally towards 27,000-mark in the Nifty IT index