The market opened on a strong note amid good global cues but saw a slight profit-booking as the trading session progressed. However, the Sensex-Nifty managed to close in the green at the end of trading. The Sensex closed at 55,555.79 today with a gain of 226.47 points, or 0.41 per cent. On the other hand, Nifty closed at 16,496.45 with a gain of 45.95 points or 0.28 per cent.
Today’s trading IT stocks saw a booming Nifty IT INDEX jumped 2 percent and reached a new peak. MIDCAP IT stocks were a good buy with the heavyweights. HCL TECH, TECH MAHINDRA, TCS, MPHASIS And MINDTREE The shares of the company reached RECORD HIGH.
Today’s trade saw a 52-week high in 6 IT stocks, including HCL Tech, L&T Tech, Mindtree, Mpahsis, TCS and Tech Mahindra.
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Today from a volume perspective Mindtree The stock was the most active. It was followed by TCS, HCL Tech and Infosys. HCL Tech remained in focus today after raising the target from Rs 11.80 to Rs 1,320 while maintaining buy rating from CLSA.
CLSA It says that the company’s earnings are expected to grow well in the near term. The company also has a good cash balance which will further strengthen its business.
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Tech Mahindra’s stock also saw a strong rise today. In the April-June quarter, the company’s profit has increased by 30.8 percent and it has increased from Rs 1,081.4 crore to Rs 1,353.2 crore on a quarterly basis.
Citi Giving a buy rating on this stock, has given a target of Rs 1,380. There itself, JPMorgan Giving an overweight rating, has given a target of Rs 1,250 per share.
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