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Infosys surges 7% to power Sensex gains of more than 600 points

Infosys shares jumped by 7 per cent on Friday propelling Sensex gains of more than 600 points.

New Delhi, Jan 12,2024:  Infosys shares jumped by 7 per cent on Friday propelling Sensex gains of more than 600 points.

Infosys shares surged after its results with the major IT companies also moving up.

Tech Mahindra is up more than 4 per cent, Wipro is up more than 4 per cent, TCS is up more than 3 per cent. BSE Sensex is trading up 631 points at 72,352 points.

V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services said with inline results from Infosys and better-than-expected results from TCS, IT stocks will see some action today. Even though there is no positive message from the management commentary, the market is likely to respond positively to the absence of any bad news. But the upside for TCS and Infy will be limited since it will take time for clarity to emerge on the prospects for the sector in FY25.

Resilience in IT stocks and strength in Reliance will enable Nifty to consolidate around 21,600 levels. HDFC Bank results on January 16 will be keenly watched by the market for cues in the direction of Bank Nifty, he said.

The US CPI inflation inching up to 3.4 per cent YoY is slightly negative from the global equity market perspective. The rate cut expected from the Fed in March this year may not materialise. It is likely to be postponed to June and , therefore, rate cut by the MPC will also get delayed, he added.

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