Shares of India’s largest and the second-largest IT firm Tata Consultancy Services and Infosys hit their respective 52-week high on Thursday ahead of third-quarter earnings of TCS.
Shares of India’s largest and the second-largest IT firm Tata Consultancy Services and Infosys hit their respective 52-week high on Thursday ahead of third-quarter earnings of TCS. Apart from these two big IT firms, shares of KPIT and Tech Mahindra also surged to fresh 52-week highs today. The benchmark Nifty IT index was trading unchanged after hitting an all-new 52-week high mark rising by 0.38% to 12,100.8 on Thursday. Shares of Tata group’s cash cow TCS extended gains after starting at Rs 2,810 surging 0.55% to a 52-week high of Rs 2,821.9 while the stock of Infosys rose 1.47% to a 52-week high of Rs 1,067.8.
Other shares which also advanced to their respective 52-week highs include, Tech Mahindra and KPIT. The stock of Tech Mahindra gained 1.64% to hit a 52-week high of Rs 551 whereas the stock KPIT added as much as 2.69% to a 52-week high of Rs 211.8 on NSE. Shares of other IT firms such as Oracle Financial Services Software, Mindtree surged up to 2.1% while Wipro, Tata Elxsi and HCL Tech shed up to 1.5%. Today, 11 January 2018, India’s largest IT company TCS and one of the prominent private sector lender IndusInd Bank are all set to release their respective third-quarter earnings report card while India’s second-largest IT company Infosys will announce its Q3 earnings tomorrow on 12 January 2018.
In the week ahead, the global cues such as rising crude oil prices, combined with the direction of foreign fund flows and the rupee’s movement against the US dollar, will also impact investors’ risk-taking appetite.
Meanwhile, India’s stock markets started on a cautious note on Thursday as investors were keenly awaiting the major third-quarter earnings beginning with the blue-chip firms such as TCS and IndusInd Bank. BSE Sensex started at 34,471.48, up by 38.41 points while NSE Nifty began the day at 10,637.05, just 4.85 points up from Wednesday’s closing. Within minutes of trading activity, both the key equity indices fell into negative territory and continued to hover around opening marks. Among the ‘A’ group shares on BSE, stocks of Aban Offshore, Symphony, Jubilant Life Sciences, Jai Corp, and Jindal Saw surged between 6% and 10% whereas Fortis Healthcare, RCom, and Videocon lost between 2% to 7%.