IT sector will continue to trade at higher multiples well supported by improving visibility (strong deal wins, faster ramp-up), sustained margins, improving free cash flows and improving demand environment across verticals.
ITC, SBI, HDFC, ICICI Bank and Infosys were the top gainers on the Sensex gaining in the range 1-1.6%.
According to Morgan Stanley Execution services, MSCI India will see gross inflows of US$2.8bn and net inflows of US$219mn. Thus, MSCI India to see a weight increase of 5 basis points with these changes from 9.65% to 9.74%.
In the current week, benchmark index Nifty 50 ended with losses of 1% whereas Money9 Covid25 Index fell 0.7%
The company's stock price hasn't moved in the past five years and the flurry of memes on social media indicate the investor's state of mind
Many experts are of the view that a change in rules by SEBI to pay upfront margin even for simple buying and selling of stock may have forced some to switch to F&O segments
Sensex was down 471 points or 0.96% at 48690, and the broader market index Nifty 50 ended a tad below was down the 14,700-mark at 14,696 after tanking 154 points or 1.04%.
The stock is quoting at Rs 866.50, up 20.99% on the day as on 13:30 IST on the NSE
Shares of the company rallied 353.81% to Rs 1,233.90 on May 11, 2021. The scrip traded at Rs 271.90 on March 24 last year.
The market breadth was positive. On the BSE, 1431 shares rose and 1185 shares fell. A total of 147 shares were unchanged.