IT stocks surge in a volatile market: Here is why…

It’s been a choppy Friday for the markets so far. The Nifty and Sensex tumbled hard in the morning trade but recovered some ground eventually. The Nifty 50 dropped well past the 23,500 support zone and slipped to 23,344.35. But then recouped back above this key support level. The Sensex too fell 500 points before shifting gears to green. One of the key reasons for mid-morning recovery was the stupendous run in the tech space. The Nifty IT index is up nearly 4% and TCS is up 6%. The stocks that are pulling the Nifty up include TCS, Tech Mahindra, Wipro, Infosys, and HCL Technologies.