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On global gains in stock market on likely announcement on the Covid 19 vaccine, Indian markets too gained in early trade led by gains by IT stock. Nifty IT index is up for the second day with gains of as much as 10% now, taking into account today's gains of over 4.36% as at 11:14 am.
The markets have been cheering Infosys results which came in better than expected with minimal Covid 19 impact. Infosys for the quarter ended June of Fy21 reported a profit of Rs. 4233 crore. The company signed deals worth $1.7 billion despite the lockdown and has now soared to a new high of Rs. 955.50 per share on the NSE.
"The management has guided for 0-2% growth in constant currency terms for FY2021 which is a big positive and would go a long way in reaffirming the markets faith in the company. Post the Q1FY21 numbers we expect upgrades in FY2021 and FY2022 numbers," said Jyoti Roy, DVP Equity Strategist, Angel Broking Ltd.
On the stock Motilal Oswal has reiterated a buy rating with a target price of Rs. 1050, an upside of 26% from Wednesday (July 15, 2020) closing price.
Other IT stocks that hit 52-week high for the second straight day with a rally of up to 8% are:
| Stocks | New 52-week high on July 16, 2020 |
|---|---|
| Infosys | 955.5 |
| L&T Infotech | 2340 |
| Mphasis | 1098.9 |
| HCL Tech | 652.2 |
| TCS | 2333 |
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