Data showed the market capitalisation of 10 IT stocks jumped 12.13 per cent YoY to Rs 25.41 lakh crore on Friday from Rs 22.66 lakh crore a week ago, up Rs 2.75 lakh crore.
Welcome to Business Today TV's 'What's Hot' with Sakshi Batra. Dive into the ultimate breakdown of today’s market action as the Nifty reclaims the 23,000 mark. While the IT sector leads the rally with an impressive 2.9% surge, we also explore the momentum across metals, PSU banks, and autos. Join Sneha Poddar, Vice President, Research Analyst, B&D, MOFSL, as she decodes what's next for D-Street. We discuss the market bottom, the upcoming US midterm elections impact, and analyze Q2 results for IT heavyweights like Tech Mahindra, Wipro, and Persistent Systems. We also tackle the sharp margin hit seen in Cyient DLM and the recent SEBI revisions on CAS. Plus, stick around for our exclusive interview with Amit Kumar Khandelwal, CFO of Sahjanand Medical Technologies, as we unpack the details of their latest IPO.
Indian equity markets are back above the 23,000 mark, with the Nifty trading higher as I.T. stocks lead the rally. The Nifty I.T. index has surged nearly 3%, extending its strong gains over the past week. Sneha Poddar, Vice President, Research Analyst, B&D, MOFSL, joins Sakshi Batra to discuss the latest market moves and the factors driving investor sentiment. Tech Mahindra is among the top Nifty gainers, rising around 7%, while Infosys, TCS and HCLTech also support the uptrend. Metals, PSU banks and auto stocks are contributing to the gains, although broader markets remain mixed. What lies ahead for the markets?
Tech Mahindra reported revenue of $1.693 billion, up 2.4% quarter-on-quarter and 7.2% YoY in constant-currency terms. Revenue growth was supported by communications, retail, travel and logistics, while manufacturing recorded a sequential decline.
The company reported revenue of Rs 16,180 crore, up 15.6 per cent YoY. Earnings before interest and taxes (EBIT) rose 40.5 per cent to Rs 2,387 crore.
IT stocks, including Tata Consultancy Services Ltd (TCS), Tech Mahindra Ltd and Infosys Ltd, led the gains as the reverse AI trade gathered pace.
Tech Mahindra Ltd jumped 2.41 per cent to Rs 1,614 and was the top Sensex gainer. It was followed by TCS and Infosys, which gained 2.24 per cent and 1.85 per cent, respectively.
The rally was led by earnings of HCL Technologies. The IT stock zoomed over 8% to Rs 1321.55. Other IT peers such as TCS, Tech Mahindra and Infosys also rose up to 6% and were the top gainers on both Sensex and Nifty.
Indian IT stocks have been hammered hard, but brokerage firms believe that IT stocks may see some improvement in Q2FY27.
Stocks such as Trent, Kotak Mahindra Bank, HUL, Reliance, IndiGo, Eternal and Asian Paints shares were the top Sensex gainers today, rising up to 13%.
SMIFS said that HDFC Bank is trading near an important support zone around Rs 700, where the stock has shown signs of stabilization after its recent decline.
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