The market opened in the green in the last trading session of the week. This morning, Nifty opened 30 points up at 25696 and Sensex opened 288 points up at 83670. In early trading, Nifty is up by more than 50 points and seems to remain above 25700. After the results, there is a tremendous rise in the shares of Infosys. The special thing is that in the last session, Nifty closed 66 points down at 25665.
After strong results, Infosys shares are showing tremendous rise. Infosys shares are trading in the range of ₹1665, up 4%, and are the top gainers among the top 30 Sensex stocks. Apart from this, shares of Tech Mahindra and Mahindra & Mahindra are also showing good growth. Eternal, Bharti Airtel and Asian Paints are the top losers at the moment, falling about 2% each.
IT index up more than 2%
In terms of sectoral index performance, the IT index was one of the top gainers, rising over 2%. Apart from this, Auto, PSU Bank and Realty indices are also showing good growth. Meanwhile, pharma, metal and healthcare sectors are showing decline.
Infosys and IT stocks in focus
Today, IT stocks including Infosys will be in focus. The company has released strong Q3 results and also raised its guidance. Its ADR has increased by 10%. Therefore, focus on IT stocks today. As part of the results season, results of companies like Federal Bank, Wipro, Reliance and Tata Technologies will be released today, which should be closely watched. Positive factors for today:
Infosys’ strong results, excellent guidance
Danger of war with Iran averted
Crude oil prices fell from their highest level
India-US trade deal expected soon
Trade deal with EU expected by January 26
America imposed visa restrictions on 75 countries, but not on India
Continued purchases by domestic funds
Market a bit unstable after weekly expiry of Nifty and Sensex
Strong results from capital markets companies
BJP’s victory expected in BMC elections
Negative factors for today:
No signs of FII selling stopping yet
When will Trump change his stance?
Dollar index at 6-week high, above 99
Profit booking occurs on gap-up opening
HDFC Securities Research Analyst Devrash Vakil said that Nifty has been consolidating in the range of 25,473 and 25,900 for some time. Breakout from this range will decide the direction of the market.