IT stocks steal all limelight
The good Q3FY14 numbers of Infosys has spurred on the stock prices of HCL Tech and TCS. HCL Tech hit a new 52-week high today at Rs.1299.95 and remains around the same levels currently. TCS also hit a new 52-week high at Rs.2287. Wipro is up over 2% and Tech Mahindra has also hit a new high at Rs.1885.
Given the better numbers for Q3 from Infosys, which in a sense was struggling when compared to these, there is now expectation that these companies will post much better numbers. For now, there is a frenzy to buy up IT stocks as the perception is that the worst could be over for this sector, with US economy expected to bounce back. Infosys upping the guidance for FY14 was a pointer to this very fact.
Both TCS and HCL Tech will declare its Q3 numbers on 16th Jan. Wipro will declare its numbers the next day, 17th Jan.