Shares of information technology firms, including Tata Consultancy Services (TCS), Infosys, Wipro and HCL Tech jumped on Tuesday as market experts remain positive on the sector in the medium term, amid high volatility in the market.

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The sectoral gauge Nifty IT rallied 3 percent during the day to become the best performing sector with TCS among the top contributors to the gains in the blue-chip Nifty. All 10 stocks in the Nifty IT pack were in the green.

TCS shares rose 3.27 percent in intraday trade to end at Rs 3,594, up 3.13 percent from its previous close, on BSE. However, in the five-day period, the stock has risen 0.87 percent tracking weakness across global markets on Russia-Ukraine tensions. Rahul Mohindar, viratechindia.com has given TCS a ‘buy’ rating with a stop loss of Rs 3,510 and a target of Rs 3,700.

The stock of Mindtree was up more than 4 percent during the day and finished the session 3.32 percent higher at Rs 3,987.05. The stock has gone up 2.17 percent in the past five days.

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L&T Technology Services shares ended the day 5.37 percent higher at Rs 4,858 on BSE. The shares have increased investors’ wealth by 6.89 percent in the past five days as against benchmark BSE Sensex which has sunk 3.59 percent during the period.

Shares of Infosys, meanwhile, rose 3.4 percent during the day to finish 2.03 percent higher at Rs 1,775.20. In the last five days, the stock has given a return of 3.68 percent to investors. Shrikant Chouhan of Kotak Securities has suggested buying Infosys stock with a stop loss of Rs 1,750 and a target price of Rs 1,850-1,900.

Rohit Srivastava, Founder and Strategist, Indiacharts.com believes IT sector has room to hold on because with the kind of technology services that India provides, tech has essentially become a defensive sector as it's something that can’t be given in the online world.

“If we look at the behaviour of tech stocks, they had run up a lot ahead of the January results. So, a lot of profit booking took place. But as we go to a slightly higher timeframe, the tech index or the tech stocks like Infosys, Tech Mahindra, and so on, none of them have really broken their 200-day average or 40-week average. In fact, we are very close to there from where we're bouncing right now, which is why the risk-reward is pretty favourable to being in the tech stocks,” he told CNBCTV18.com.

In that sense, IT stocks have done better than banking and they should probably continue to outperform, he said.

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