Stock market today: Why Indian IT majors TCS, Wipro shares hit 52-week high — explained

livemint.com:

Stock market today: Despite pressure in mid-cap and small-cap indices, large-cap IT stocks have been in uptrend for last few sessions. TCS share price today had a gap up opening and the IT stock went on to climb to a new 52-week peak of ₹3,597.70 on NSE. Likewise, Wipro share price today opened upside and went on to hit a new 52-week high of ₹443.25 apiece on NSE.

According to stock market experts, most of the indices are at record highs and so does the stocks belonging to small-cap and mid-cap stocks. As IT stocks are available at discounted price, especially large-cap IT stocks, both FIIs and DIIs (including mutual funds and retail investors) are putting money behind these large-cap It stocks. aprat from this, there is still potential for large-cap stocks to give further upside movement as large-cap stocks have not participated in recent stock market's rally as small-cap and mid-cap stocks did.

They said that large-cap IT stocks like Infosys, Tata Consultancy Services (TCS), Tech Mahindra, HCL Tech, Wipro have been in uptrend due to their attractive valuations and potential for big upside in medium to long term. However, they advised positional investors to buy Wipro share in current market scenario. On reasons that are fueling IT stocks in current markets, Sandeep Pandey, Directora t Basav Capital said, “After pressure in small-cap and mid-cap stocks, FIIs and DIIs are looking towards large-cap stocks.