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IT Stocks Rally; Infosys, Wipro Hit 52-Week High

Shares of the information technology (NYSE:IT) companies, led by the bellwether Infosys and Wipro, extended their northward journey in the weak broader market with most of the frontline stocks trading at their 52-week highs on the Bombay Stock Exchange (NYSE:BSE).

Outperforming the market, the BSE IT index turned out to be top gainer among the sectoral indices, up 1.17 per cent at 7,025.93 compared to a marginal 0.15 per cent fall in Sensex at 10:15 hours.

Among the IT space, shares of Infosys gained as much as 1.11 per cent and touched 52-week high to trade at Rs 3,000.00 a piece in early trade on the BSE.

In the last three trading sessions, the stock has witnessed a gain of 3.3 per cent after the company announced to add approximately 200 new jobs in the next fiscal year at its Cumberland location in Cobb County, and expects additional expansion in the metro Atlanta area over the next couple of years.

In a similar fashion, shares of the Wipro were quoting at Rs 452.55 a piece, up 2.59 per cent, its highest level since April 2011, on the Bombay Stock Exchange. Meanwhile, the broader benchmark Sensex was quoting at 19,224.51, down 28.15 points or 0.15 per cent at 10:15 hours.

Source - Infosys, Wipro