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Information Technology (IT) stocks traded high of Friday, February 27 despite weak trends in the Indian stock market today. The Nifty IT index rallied as much as 2.45% with almost all the constituents trading in the green.

Mphasis, LTI Mindtree, Infosys, Coforge and Tech Mahindra were the top Nifty IT contributors, gaining over 1% each. HCL Technologies, Wipro and TCS were also trading in the green.

The rally in IT stocks comes despite a fall in the benchmark indices. The BSE Sensex, and the NSE Nifty 50 were trading half a percent lower each.

Despite today's gains IT stocks are reeling under loses this month weighed down by concerns of AI-led disruptions. The Nifty IT index has crashed over 21% so far in February.

"At the index level the market has been on a consolidation mode for three months now, without any significant breakouts or breakdowns. But within the index, there are significant up moves and down moves. Last one month alone saw a huge 20% cut in Nifty IT index following the Anthropic shock," said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments.

(more to come)Dhanya Nagasundaram is a Content Producer at Livemint, specialising in financial markets, and business news. With over eight years of experience in j...

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