MUMBAI: The sensex and Nifty on Friday hit new life-highs mainly due to investors snapping up leading software stocks.
After scaling a new peak at 72,721 points in late trades, the sensex closed at 72,568, up 847 points or 1.2%, with Infosys, one of the technology bellwethers, closing nearly 8% up.
On the NSE, Nifty gained 247 points or 1.1% to 21,899 points with the all-time peak at 21,928.
The day’s gains came on the back of strong buying by domestic institutions and retail investors while participation by foreign funds was muted.
After IT leaders TCS and Infosys announced their quarterly results on Thursday evening that beat most analysts’ estimates, investors now perceive the worst may be over for Indian software exporters, market players said.
“After flattish revenue for the last three quarters, recent strong deal wins have now started driving TCS’ revenue back to growth. Margin expansion is also running ahead of expectations,” noted a report by BNP Paribas. It raised the price target for TCS to Rs 4,575 and retained its ‘outperform’ rating. On Friday, the stock on BSE closed at Rs 3,882.
On Infosys, a report by domestic brokerage Emkay Global Financial Services noted that it reported “a tad better-than-expected operating performance” during the October-December quarter. “We expect growth to accelerate in FY25 because of ramp-up of large deals, strong deal pipeline, and expected recovery in discretionary spending.” The brokerage has a price target of Rs 1,850 for the stock. On Friday Infosys on BSE closed at Rs 1,612.
More than half of day’s gains in the sensex was contributed by Infosys and TCS, BSE data showed. The day’s rally in the market made investors richer by Rs 3 lakh crore with BSE’s market capitalisation now at a record Rs 379.7 lakh crore, official data showed.
After scaling a new peak at 72,721 points in late trades, the sensex closed at 72,568, up 847 points or 1.2%, with Infosys, one of the technology bellwethers, closing nearly 8% up.
On the NSE, Nifty gained 247 points or 1.1% to 21,899 points with the all-time peak at 21,928.
The day’s gains came on the back of strong buying by domestic institutions and retail investors while participation by foreign funds was muted.
After IT leaders TCS and Infosys announced their quarterly results on Thursday evening that beat most analysts’ estimates, investors now perceive the worst may be over for Indian software exporters, market players said.
“After flattish revenue for the last three quarters, recent strong deal wins have now started driving TCS’ revenue back to growth. Margin expansion is also running ahead of expectations,” noted a report by BNP Paribas. It raised the price target for TCS to Rs 4,575 and retained its ‘outperform’ rating. On Friday, the stock on BSE closed at Rs 3,882.
On Infosys, a report by domestic brokerage Emkay Global Financial Services noted that it reported “a tad better-than-expected operating performance” during the October-December quarter. “We expect growth to accelerate in FY25 because of ramp-up of large deals, strong deal pipeline, and expected recovery in discretionary spending.” The brokerage has a price target of Rs 1,850 for the stock. On Friday Infosys on BSE closed at Rs 1,612.
More than half of day’s gains in the sensex was contributed by Infosys and TCS, BSE data showed. The day’s rally in the market made investors richer by Rs 3 lakh crore with BSE’s market capitalisation now at a record Rs 379.7 lakh crore, official data showed.
