For context, the record highs for Sensex and Nifty50 are 81,587.76 and 24,854.80 levels, respectively.
Q1 earnings impact: In the last two weeks, the NASDAQ has plunged 7 per cent, while the IT index has rallied 7 per cent. Trading strategies for Infy, TCS, HCL Tech and LTIMindtree here.
Domestically, foreign institutional investors were net buyers on July 16, acquiring shares worth Rs 1,271.45 crore, whereas domestic institutional investors sold shares worth Rs 529.48 crore.
The uptick in stock price came after the company announced the strategic expansion of its semiconductor business with the establishment of a fully owned subsidiary
IT stocks outlook: TCS can potentially rally another 6 per cent from present levels; while Infosys, Wipro and LTIMindtree can rally up to 15%, suggest charts.
IT stocks today: TCS, Mphasis, Accelya Solutions India, Sonata Software, and Kellton Tech Solutions rose in the range of 3 per cent to 6 per cent
The Nifty IT Index is poised for a correction in the near term, as technical indicators signal an overbought condition
The Nifty IT Index is currently trading at 37,314.35. In the near term, the index appears to be range-bound, with the defined range between 37,525 and 37,050
Given the bottoming out of revenue growth rate, analysts expect the earnings per share (EPS) downgrade cycle to come to an end for the sector
Infosys, Wipro, Coforge, Persistent Systems, Mphasis and LTIMindtree rallied up to 6% on the NSE
The share was also the top gainer on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE)
Over the past few months, Infosys' stock has been consolidating within a narrow trading range, approximately between Rs 1,400 and Rs 1,450
Unlike other general election years, analysts expect the Nifty IT index to underperform the markets in the near-term amid muted demand environment and client caution around discretionary spends
Key factors, analysts believe, would be deal pipeline, pricing scenario, and outlook on growth, operating margins and products and platforms (P&P) business
FY25 outlook muted for the sector, say analysts
The latest inflation data in the US for January, which showed a surprise increase, has kept domestic IT stocks listless from last week
Shares of India's IT companies, which earn a significant share of their revenue from the U.S., surged 16.13% in the final two months of 2023, exceeding the benchmark Nifty 50's 13.9% gain
The Nifty IT index is likely to trade with a bullish bias as long as the index sustains above 36,950 levels, suggest the daily chart.
Banks, information technology firms and metals will lead India's stock rally, with some push from defence and renewables, a market expert said
Unlike the benchmark Nifty 50, the Nifty IT index is still over 9 per cent shy from its summit. Among the frontline stocks, Infosys, TCS and Wipro look fairly placed on the charts.