The stocks of Infosys, Tata Consultancy Services (TCS), HCL Tech, Wipro and all six other information technology companies leapt into the green territory on Monday.

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The sector gauge Nifty IT gained 3.23 percent in intraday trade to become the best performing sector on Nifty50. This is the biggest jump since October 19, 2021.

Tech Mahindra, Wipro, and Infosys were among the top gainers on the Nifty50 scrip, rallying in the range of 3 to 6 percent.

Tech Mahindra stock, the best performer in the Nifty50 pack, rallied as much as more than 5 percent to an intraday high of Rs 1,487.60. The tech firm’s shares, which ended 5.13 percent at 1,482.95 on NSE, have given a return of more than 57 percent to investors in the past year as against the broader Nifty50 index that has gained close to 22 percent during the period.

Infosys shares, on the other hand, jumped 3.75 percent in intraday day trade to Rs 1,749.50 on NSE. The stock of the IT major has led to investors’ wealth increase by almost 38 percent in the past year.

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Meanwhile, Wipro shares ended 3.78 percent higher at Rs 573 on NSE. The stock, which declined about 3 percent in the past 5 days, has given a return of more than 35 percent in the one period.

Amongst large-cap IT stocks, Gurmeet Chadha, co-founder & CEO, Complete Circle Consultants said, he was bullish on Infosys and HCL Technologies.

Chadha said, “Technology correction has been more global and typically happens when interest rates tend to go up. I think it's an opportunity.”

Meanwhile, for mid-cap tech stocks, he said, investors are spoilt for choice. “Between Mindtree, between L&T Infotech, BirlaSoft, I think they have this revenue guidance of almost a billion dollars. So, I think overall it remains in an uptrend and a lot of these guys are becoming transformation partners, and not just vendors or IT services vendors. So that's one area where there is earning visibility, there is demand momentum, and the margins are still being maintained, despite all the supply-side pressures,” he told CNBC-TV18 on Friday.

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According to Prashant Khemka, Founder of White Oak Capital Management, over a course of any reasonable time period measured beyond days or weeks, the IT stocks would reflect the progress of the fundamentals and ultimately the cash flow generation and the growth thereof. He, therefore, does not agree to the conclusion that IT stocks are overvalued.

“They have done extremely well over the last 12 months but that is because they started from very suppressed levels. The sector was sort of written off as a mature sector, a slow-growth sector for various reasons but the growth delivered has been very strong and continues to be very strong. So from a longer-term perspective, we continue to find selectively several of these names to hold a lot of value,” he said.

The upward movement in tech stocks today is in line with their peers in the global market. On Friday, gains for several tech companies pushed the Nasdaq composite to a record high and its first close over 16,000 points. Technology stocks powered much of the gains in the S&P 500 too. On pan-European STOXX 600 as well, tech stocks climbed 2 percent on Monday, after dropping 13 percent so far this month.

Also, catch highlights of the stock market on CNBC-TV18.com's blog