IT stocks pare gains

Frontline IT counters, which gained significantly after trading began today riding the positive momentum created by the Q1 results of Infosys Ltd, have pared much of the gains around noon today.

Even Persistent Systems , which sprang a surprise hitting a fresh 52-week high this morning, has lost steam with the stock trading in the negative territory now.

Infosys, after opening strongly at Rs 3,401.40 on the NSE, touched a high of Rs 3,432, but has pared much of its gains to trade at Rs 3,320.10, a gain of Rs 27.40.

Tech Mahindra has come down from a high Rs 2,086 to Rs 2,036.50, a gain of Rs 15.05, HCL Tech was trading at Rs 1,485, a gain of Rs 12.60 (high Rs 1,509), TCS gained Rs 34.90 to Rs 2,386.70 (high Rs 2,405.80) and Wipro was up marginally by Rs 3.55 to trade at Rs 548.30 (high Rs 556.70).

Persistent Systems touched a new 52-week high of Rs 1,238.20, but has shed the gains to trade at 1,200.95, a loss of Rs 1.55.

The CNX IT index which touched a high of 10,050.60 points, is now at 9,906.10, a gain of 89.90 points but nearly down by 150 points from its peak today, as the frontline IT counters quickly shed much of their gains as the overall market is weak.