IT stocks have been on the upsurge for the past few days and today was no different. The Nifty IT index hit fresh 52-week high and the BSE IT Index also hit a new high at 122721, up over 2%. Infosys leads the pack, followd by TCS and HCL Tech.
In fact Infosys hit its new high today at Rs.1160 and ditto for TCS at Rs.2925 and HCL tech at Rs.922.70.
Various fund and brokerage houses have been putting out reports, recommending IT stocks. Morgan Stanley, in its report stated that the Indian IT sector is set for a turnaround in 2018, saying that valuations are below long term averages. It envisages that improving global economies could spur tech spending.
Reiterating this very fact, TCS announced today that it has signed an over GBP 500 million (USD 690 million) deal with M&G Prudential, the UK and European savings and investments business of Prudential plc.