TCS results lift CNX IT index 163 points

The stellar Q1 results of Tata Consultancy Services (TCS) propelled the stock to a new 52-week high and lifted the general mood among IT stocks in the morning trade today.

The impact of TCS Q1 performance was so strong that the CNX IT index gained about 163 points and helped two other stocks — MindTree Ltd and HCL Tech to touch new 52-week highs among the CNX IT stocks with 17 of the 20 stocks forming the IT index trading in the green.

TCS stock surged by Rs 58.15 to 1718.55. The stock had zoomed to a new high of Rs 1,724.05 before easing a bit. MindTree jumped by Rs 32.65 to Rs 946.90 and it hit a new yearly high of Rs 966.60 before falling.

HCL Tech touched a new yearly high of Rs 892.70 before being marginally down at Rs 891.70, a gain of Rs 32.85. Infosys , which has already come out with its results, gained Rs 39.70 to trade at Rs 2,840.45. Tech Mahindra was another stock to gain, up by Rs 29.10 at Rs 1120.40.

However, Infotech Enterprises, Core Education & Technologies and Info Edge (India) were in the red, albeit marginally.