The Indian stock market after opening on a handsome note has turned red with Sensex down 79.50 points or 0.14% at 55249.82, and the Nifty slipping 51.70 points or 0.31% at 16398.80.
Among the sectors, the IT index outperformed adding over a percent led by gains from HCL Tech which was up 3 percent followed by Mindtree, Mphasis, TCS and Tech Mahindra which gained 2 percent each.
As IT stocks continue to edge higher, six stocks have hit new 52-week high on BSE including names like HCL Tech, L&T Tech, Mindtree, Mpahsis, TCS and Tech Mahindra.
Shares of Mindtree was the most active in terms of value with 10,10,758 share being traded at 10:53 hours followed by TCS (9,46,690), HCL Tech (9,46,690) and Infosys (15,92,677).
HCL Tech has been in focus after global research firm CLSA retained “buy” call on the stock and raised the target of Rs 1,320 from Rs 11,80 a share.
The company indicates a healthy near-term revenue growth outlook and is confident of narrowing the gap on organic revenue growth against its peers in FY23-24, adding that improved conversion rates have rebuild a healthy cash balance, CNBC-TV18 reported the research firm as saying.
The IT firm on August 17 announced five-year, end-to-end IT transformation services deal with German multinational chemical company Wacker Chemie AG. The intent of the deal is “to establish a modernized digital workplace and improve its quality-of-service delivery” for Wacker, the Indian IT major said in a regulatory filing.
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Tech Mahindra stock is also in focus as the firm reported a 30.8 percent jump in its first-quarter (April-June) net profit at Rs 1,353.2 crore against Rs 1,081.4 crore in the quarter ended March 2021. Citi has a buy rating with target at Rs 1,380 while JPMorgan has an overweight rating with target at Rs 1,250 per share.
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