Infosys jumped 7 percent, Sensex gained more than 600 points
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New Delhi (Uttam Hindu News): Infosys shares jumped 7 percent on Friday, taking the Sensex up by more than 600 points.
After the results, Infosys shares rose and shares of major IT companies also rose.
Tech Mahindra is up more than 4 percent, Wipro is up more than 4 percent, TCS is up more than 3 percent. BSE Sensex is trading at 72,352 points, up 631 points.
V.K. Vijayakumar, chief investment strategist at Geojit Financial Services, said with Infosys’ inline results and TCS’s better than expected results, IT stocks will see some action today. Even though there is no positive message from management’s commentary, the market may react positively to the absence of any bad news. But upside for TCS and Infi will be limited as it will take time to get clarity on the sector’s prospects in FY15.
Resilience in IT stocks and strength in Reliance will enable Nifty to consolidate around 21,600 levels. He said the market will keenly watch HDFC Bank’s results on January 16 for signals on the direction of Bank Nifty.
US CPI inflation rising to 3.4 per cent annually is a slight negative from the global equity market perspective. The expected rate cut from the Fed in March this year may not be possible. He said it is likely to be postponed till June and hence the rate cut by the MPC will also be delayed.
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