Wipro, Tech Mahindra trade at all time high; IT stocks outperform

Wipro and Tech Mahindra were seen making life highs for themselves on Thursday. Wipro is up by more than 2 per cent while Tech Mahindra is up by nearly 2 per cent.

The frontline indices as expected are showing volatile at record high levels. The broader markets are correcting and the market breadth is in favour of the declines on Thursday. 

On Wednesday we saw tech heavy NASDAQ Composite outperform DJIA and S&P 500. The shares of Robinhood, a newly listed NASDAQ company surged on Wednesday indicating buyers optimism in US markets. 

Wipro and Tech Mahindra were seen making life highs for themselves on Thursday. Wipro is up by more than 2 per cent while Tech Mahindra is up by nearly 2 per cent. HCL Tech is seen trading with gains of nearly 2 per cent. 

Mid-cap IT stocks Mphasis is seen trading in green with a long position bieng built up in the counter. Other mid-cap IT stocks with long positions being built-up are LTTS and LTI. Mphasis is up by 1.80 per cent, LTTS  and LTI are seen gaining up by more than 2 per cent each on Thursday. 

Banks are seen underperfomng with SBI being the top index loser along with ICICI Bank.