Railway stocks were the top gainers with IRFC up 17 per cent, RVNL up 11 per cent and IRCON up 7 per cent. All these stocks hit new 52 week highs.
IRFC has jumped to new 52 week highs on massive volumes. Texmaco Rail is up 5 per cent, Railtel is up 4 per cent, RITES is up 4 per cent. Jupiter Wagons is up 5 per cent.
India is in the most transformative phase in its history with massive Infrastructure development (Highways, Logistics, Ports, railways, Metro), Defense, PLI and significant increase in domestic demand with rising income levels and youngest population globally, as per a report by Prabhudas Lilladher.
Sensex is up 593 points at 73,162 points on Monday. Wipro is up 7 per cent. Other IT heavyweights are also firm with Tech Mahindra, Infosys, HCL Tech up more than 2 per cent.
The rally in the market, primarily driven by momentum, is now getting support from fundamentals. The sharp bounce in large cap IT stocks on the back of slightly positive management commentary indicates that an underperforming segment can surprise on the upside on news of a turnaround in the sector, says V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
The IT index which shot up by 5 per cent on January 12 will remain firm since HCL Tech and Wipro have more room on the upside, he said. Nifty has broken out on the upside from the consolidation range and shows signs of further up move, he said.
