Infosys Gains A Tad On Selective Buying

Mumbai, July 30: | Updated: Jul 31 2002, 05:30am hrs
The stock of Infosys inched up marginally on the bourses despite dismal market conditions, mustering modest gains on the back of selective buying.

On The Stock Exchange, Mumbai (BSE), the stock of the IT major closed at Rs 3,038.75, surging 1.08 per cent as against its previous close at Rs 3,005.90. A total number of 3,63,564 Infosys shares changed hands on the counter.

Dealers said that Infosys has witnessed a marginal surge following the smart comeback staged by the tech-heavy Nasdaq by nearly 60 points. Infosys is one of the few ADR stocks that has performed well, they added.

Analysts said that tech-stocks have witnessed a lot of volatility on the domestic bourses in the recent past, following the downward plunge in the US markets, inflamed further by a host of accounting scandals.

As regards Infosys, analysts are optimistic that it shall brave adversities in the forthcoming trading sessions on the back of its strong fundamentals, despite the resignation of their top-rung official, Phaneesh Murthy recently.