Top Gainers & Losers: India’s Five Largest IT Firms Buck The Trend As Market Slips Into The Red – Explained!

Top Gainers & Losers: Indian fairness benchmarks Sensex and Nifty began the week on a subdued notice quickly after a constructive begin, shedding about 0.3 per cent for the day amid blended cues. Losses in non-public sector monetary shares outweighed sharp positive factors in IT and PSU banking counters. Broader indices Nifty Midcap 100 and Nifty Smallcap 100 mirrored the general weak spot, inching 0.1-0.2 per cent decrease.

“The market is facing selling pressure on the rise, showing uncertainty among participants despite favourable cues. We feel it’s prudent to limit positions in the current scenario and wait for a decisive breakout between 17,800-18,100 on Nifty50,” mentioned Ajit Mishra, VP-Technical Research at Religare Broking.

Here are among the blue-chip shares that noticed massive strikes on January 16:

Tech Mahindra

Tech Mahindra shares emerged the highest gainer within the Nifty and Sensex baskets, ending 3.1 per cent increased at Rs 1,034.6 apiece on BSE. The high 5 gainers on each benchmark indices have been IT heavyweights TCS, Infosys, HCL Tech, Wipro and Tech Mahindra.

Tech Mahindra is scheduled to report its December quarter earnings on January 30. The IT firm is anticipated to report income development of 0.4 per cent on 1 / 4-on-quarter foundation in fixed foreign money phrases, absorbing the impression of furloughs and portfolio pruning of low margin companies, mentioned Karan Uppal, Research Analyst at Phillip Capital. He believes that margins within the sector might broaden reasonably.

Phillip has a ‘impartial’ score on Tech Mahindra with a goal worth of Rs 1,050 per share.

HCL Tech

HCL Tech shares gained by Rs 16 or 1.5 per cent at Rs 1,093.9 apiece on BSE.

Yes Securities Analyst Piyush Pandey is of the view that the lengthy-time period demand story stays intact for HCL Tech, led by IT transformation and price optimisation initiatives. However, macroeconomic components within the US and Europe stay a priority, which is mirrored in shoppers turning extra watchful, he mentioned.

The brokerage maintains an ‘add’ name on HCL Tech with a goal worth of Rs 1,181 apiece, valuing the inventory at 18.5 occasions its estimated earnings for the yr ending March 2024.

Axis Bank

Axis Bank shares completed weaker by Rs 21.2 or 2.3 per cent at Rs 913.1 apiece — the highest Sensex laggard. The non-public lender is scheduled to launch its outcomes on January 23.

“Axis Bank remains focused on building a stronger, consistent and sustainable franchise. Since asset quality issues are now behind, slippages and credit costs should be under control. NIMs have improved significantly and the bank believes that it has sufficient levers in place to offset the rise in deposit costs,” mentioned Motilal Oswal Research Analyst Nitin Aggarwal.

Axis Bank is Motilal Oswal’s high decide for 2023 with a goal worth of Rs 1,130 per share.

[Disclaimer: This story was automatically generated by a computer program and was not created or edited by Journalpur Staff. Publisher: Journalpur.com]

Be the first to comment

Leave a Reply

Your email address will not be published.


*