Mumbai: Sensex and nifty Key software stocks hit new highs on Friday mainly due to buying by investors.
After touching a new peak of 72,721 points in late trade, the Sensex closed at 72,568, up 847 points or 1.2%. InfosysOne of the technology giants closed up nearly 8%.
But NSENifty rose 247 points or 1.1% to 21,899 and hit an all-time peak of 21,928.
The day’s gains came on the back of strong buying by domestic institutions and retail investors, while participation from foreign funds remained low.
After IT leaders tcs And with Infosys announcing its quarterly results on Thursday evening that were better than most analysts’ estimates, investors now feel the worst may be over for Indian software exporters, market players said.
“After revenue declines over the past three quarters, strong recent deal wins have now started to push TCS’s revenues back up. Margin expansion is also running ahead of expectations,” a BNP Paribas report said. ” It raised the price target for TCS to Rs 4,575 and maintained its ‘outperform’ rating. On Friday, the share closed at Rs 3,882 on BSE.
On Infosys, a report by domestic brokerage MK Global Financial Services said it has recorded “slightly better than expected operating performance” during the October-December quarter. “We expect growth to accelerate in FY20 due to an uptick in large deals, a strong deal pipeline and an expected improvement in discretionary spending.” The brokerage has set a price target of Rs 1,850 for the stock. Infosys closed at Rs 1,612 on BSE on Friday.
BSE data shows that Infosys and TCS contributed more than half of the day’s gain in Sensex. The day’s rally in the market made investors Rs 3 lakh crore richer, taking BSE’s market capitalization now to a record Rs 379.7 lakh crore, official data showed.
After touching a new peak of 72,721 points in late trade, the Sensex closed at 72,568, up 847 points or 1.2%. InfosysOne of the technology giants closed up nearly 8%.
But NSENifty rose 247 points or 1.1% to 21,899 and hit an all-time peak of 21,928.
The day’s gains came on the back of strong buying by domestic institutions and retail investors, while participation from foreign funds remained low.
After IT leaders tcs And with Infosys announcing its quarterly results on Thursday evening that were better than most analysts’ estimates, investors now feel the worst may be over for Indian software exporters, market players said.
“After revenue declines over the past three quarters, strong recent deal wins have now started to push TCS’s revenues back up. Margin expansion is also running ahead of expectations,” a BNP Paribas report said. ” It raised the price target for TCS to Rs 4,575 and maintained its ‘outperform’ rating. On Friday, the share closed at Rs 3,882 on BSE.
On Infosys, a report by domestic brokerage MK Global Financial Services said it has recorded “slightly better than expected operating performance” during the October-December quarter. “We expect growth to accelerate in FY20 due to an uptick in large deals, a strong deal pipeline and an expected improvement in discretionary spending.” The brokerage has set a price target of Rs 1,850 for the stock. Infosys closed at Rs 1,612 on BSE on Friday.
BSE data shows that Infosys and TCS contributed more than half of the day’s gain in Sensex. The day’s rally in the market made investors Rs 3 lakh crore richer, taking BSE’s market capitalization now to a record Rs 379.7 lakh crore, official data showed.
