A day after the IT behmoth Infosys raised its 2009-10 earnings forecast, shares of outsourcing and software giants such as Tata Consultancy Services (TCS), Wipro along with Infosys surged to a new high.
While TCS touched a record high of 774 rupees during the trade, its major competitor Infosys hit a new high of Rs 2,632.
Wipro shot up at Rs 712.80, which is the highest since Apr 2000.
Expressing confidence that IT spending will accelerate in 2010-11, HSBC Securities upgraded Infosys to overweight from neutral.
HSBC raised its target price on the stock to Rs 3,100 as against 2,950, after Infosys raised its FY11-12 earnings per share estimates by 4 to 6 per cent.