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IT is the new FMCG; midcaps like Mindtree showing promise: Elara

Updated : October 09, 2020 09:21 AM IST

TCS's strong Q2 and buyback plans of companies like Wipro and Majesco has further improved sentiment for  IT stocks, which have been doing well on the bourses of late

So much so that IT is turning out to be the new FMCG, which is usually considered a safe bet under any market condition.

“We are seeing good traction in the midcap names like Persistent, Mindtree, and L&T," said Harendra Kumar, MD of Elara Securities in an interview to CNBC-TV18.

"Some of the largecaps, erstwhile favourites like Wipro are also considered given the management change. So IT is the new sector heavyweight possibly where investors are looking to increase their stake given that the scope on the financials has reduced considerably,” he added.

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