After opening the day on a positive note, Indian share markets have continued the momentum and are currently trading in green. Sectoral indices are trading on a mixed note, with stocks in the IT sector and stocks in the power sector witnessing maximum buying interest. While stocks in the consumer durables sector are trading in red.

The BSE Sensex is trading up 175 points (up 0.5%) and the NSE Nifty is trading up 50 points (up 0.5%). Meanwhile, the BSE Mid Cap index is trading up by 1%, while the BSE Small Cap index is trading up by 1.1%. The rupee is trading at 64.04 to the US$.

In news from stocks in the IT sector. TCS share price is among the top gainers on the bourses today after the company won a record outsourcing contract.

India’s leading IT exporter Tata Consultancy Services bagged a US$ 2.25-billion outsourcing contract from Nielsen, a television rating measurement firm.

The partnership, signed in October this year, is a renewal of TCS’ existing collaboration with Nielsen. The two companies had struck a 10-year deal in 2008 for US$ 1.2 billion, which was expanded to US$ 2.5 billion in 2013.

Under the new deal, the terms of the agreement have been extended for an additional five years so as to expire on December 31, 2025, with three one-year renewal options granted to Nielsen, the TV rating company said in a regulatory filing to the US SEC.

The latest deal brings cheer to the Mumbai-based IT behemoth as it assures US$ 320 million worth of business annually in the 2017-2020 period.

At the time of writing, TCS share price was trading up by 2.5%

Underperformance of Top IT Stocks

The IT sector was much favored amongst investors since the turn of the decade. IT giants like TCS, Infosys were considered a safe bet at any price. In the last three years, the top 4 IT companies have underperformed the benchmark. With the sector heavily dependent on US customers, Trump’s protectionist policy announcements have further dampened the mood in this sector.

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