Share Market Highlight- Markets close higher! Nifty closes over 21,950, Sensex above 72,550; IT and PSU Bank stocks gain

Shares of HCL Tech rose 3.6% to hit a lifetime high of Rs 1,538.45. The stock was among the top gainers in the Nifty 50.

Shares of ONGC rose 5.6% to hit a lifetime high of Rs 223.80. The stock was among the top gainers in the Nifty 50.

Infosys, Tech Mahindra, LTIMindtree, ONGC, and TCS were the top gainers during the later hours in the Nifty 50. While HDFC Life, Apollo Hospitals, Cipla, Ultratech Cement, and Power Grid were the top losers in the Nifty 50.

USDINR CMP- 83.04 (spot) “Indian Rupee appreciated by 0.12% on recovery in the domestic markets and a soft US Dollar. A slight decline in crude oil prices also supported Rupee. World Bank retained India’s growth rate projection for FY24 and FY25 to 6.3% and 6.4% respectively. The US dollar gained on Tuesday on easing expectations of a rate cut by the Fed in March 2024. The odds of a rate cut in March 2024 fell to 38% from 89% last week. Asian markets closed in the Red tracking decline in European and US markets on Tuesday after the World Bank projected global growth to slow down to 2.4% in 2024 from 2.6% in 2023. We expect the Rupee to trade with a slight negative bias on risk aversion in the global markets amid the global economic slowdown and the ongoing geopolitical tensions in the Red Sea and Middle East. However, FII inflows and any weakness in the US Dollar may support the Rupee at lower levels. Investors may remain cautious ahead of inflation data from India and the US later this week. USDINR spot price is expected to trade in a range of Rs 82.70 to Rs 83.40,” Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.

The company’s overall third-quarter results were better than expectations. They have slightly raised FY25 estimates for earnings per share to 3-4% and roll forward by a quarter.

The brokerage house has raised the target price to Rs 4,430 from Rs 4,290, with an unchanged rating of ”Buy” as the brokerage believes the company offers the best earnings stability among peers, supported by margin resilience, a strong delivery engine, robust partnerships with hyper scalers and sturdy deal wins.

Also Read: TCS stock up over 4% after Q3 profit rises 2%, on expectations of demand recovery next quarter; Brokerages raise target price

Sensex, Nifty Hits new 52-week high. The Nifty 50 gains more than 1% to hit fresh 52-week high of 21,897.10, where the BSE Sensex surges over 900 points to hits it’s new 52-week high of 72,619.81 in the intra-day trade on Friday.

Phillip Capital marginally increased its FY25-26 PAT estimates for Infosys and adjusted its CC revenue growth forecasts. The brokerage now expects 1.7%, 6.3%, and 9.6% CC revenue growth in FY24, FY25, and FY26, respectively, with upgraded target multiples. Phillip Capital upgraded its rating to ‘Buy’ and raised the target price to ₹1,690 per share from ₹1,520, anticipating a growth revival starting H1FY25.Come from Sports betting site

The NSE Nifty 50 hits a fresh 52-week high of 21,861.45 points, up more than 200 points or over 1%.

Infosys, Tech Mahindra, TCS, Wipro, and ONGC were the top gainers in the Nifty 50. While Apollo Hospitals, Cipla, Coal India, Bajaj Finserv, and Power Grid were the top laggards in the Nifty 50.

The shares of IRFC gains 6.32% to Rs 113.60 in the intra-day trade on Friday, marking over 4 times (4x) returns from its IPO price. IRFC was the 1st IPO to make debut on Dalal Street in 2021.

In its recent report, Motilal Oswal acknowledged Infosys’ decision to narrow its FY24 revenue growth guidance while holding the mid-point, signaling a more subdued second half of the fiscal yearCome from Sports betting site VPbet. Despite this, Infosys remains resolute in its margin guidance, a positive indicator. Motilal Oswal foresees FY24 revenue growth around 1.9% QoQ, aligning closely with the upper band of the guidance.

Despite short-term challenges, Motilal Oswal views Infosys as a key beneficiary of the expected acceleration in IT spending over the medium term, valuing the stock at 22 times FY26E EPS, with a target price of INR1,750.

Also Read: Infosys share price jumps over 7% as growth and margin exceeds D-street’s expectations; Brokerages raise target price

Courtesy: NSE

The NSE Nifty 50 hits a fresh 52-week high of 21,848.20 points.

The NSE Nifty 50 gained 188.85 points or 0.87% to 21, 836 points. While 30 stock BSE Sensex gained 681.97 points or 0.95% to 72,403.15. Infosys being the top gainer, extends gains and trades above 7% to Rs 1,600.

Commenting on the Technical outlook of  Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said Nifty faced selling pressure within the 21700-21750 range, yet found stability as it held above its 10-day moving average, concluding the session with a positive close. Presently, Nifty’s immediate support has shifted to 21600, while 21730 serves as a resistance level on the technical chart. The broader positional support for Nifty remains at 21500.

Infosys, TCS, Tech Mahindra, Wipro, and HCL Tech were the top gainers in the Nifty 50.

Infosys shares surged by 5.18% in intra-day trading on Friday as the company revised its FY24 revenue guidance. The revised guidance now stands at 1.5%-2.0%, and the company has maintained its operating margin guidance at 20%-22%.

The NSE Nifty 50 opens 0.58% higher to settle at 21,773.55, while the BSE Sensex gains 0.60% to 72,148.07 in the opening trade.

Shares in the Asia-Pacific region are trading in positive territory on Friday morning. The Asia Dow is trading up by 1.84%, Japan’s Nikkei 225 is green, up by 1.80%, Hong Kong’s Hang Seng index is trading up by 1.27% and the benchmark Chinese index Shanghai Composite is trading higher by 0.31%.

WTI crude prices are trading at $73.33 up by 1.89%, while Brent crude prices are trading at $78.92 up by 1.94%, on Friday morning.

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down by 0.05% at 102.24.

Wall Street saw a volatile session, with stocks down and bonds whipsawing after hotter-than-anticipated inflation data tempered bets on a Federal Reserve rate cut in March, Bloomberg reported. The tech-heavy Nasdaq Composite dropped 17.11 points or 0.11% at 14,952.54. The S&P 500 dipped by 2.93 points or 0.06% at 4,780.52, while the Dow Jones Industrial Average ended flat.