Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 ended a choppy session with mild gains on Tuesday, putting an end to a three-day losing streak, amid a mixed trend in global markets.
“From a longer-term structural theme, the revenue growth trajectory in IT, given the kind of digital transformation opportunity that has come through, is not just a 1-2 year phenomena, it is going to be a structural growth driver with companies accelerating their spends on digital transformation.
Kurian believes that despite some correction, midcap IT valuations are still higher than their long-term historical averages.
The point is somewhere the stock has run up little bit too sharply, though I feel that from a longer-term angle, I don’t think anybody is going to lose money from the current level of around Rs 232-235,” he adds.
The stock the listing day at an intraday high of Rs 265.2 apiece on BSE, a premium of 15.3 percent over the issue price of Rs 230.
Vinod Nair, Head of Research at Geojit Financial Services, says selling pressure on account of FII outflows countered by bargain hunting by domestic investors, helping headline indices close in the green.
BPCL, Titan, JSW Steel, Asian Paints and Maruti Suzuki also among the gainers.
Manish Hathiramani, Proprietary Index Trader and Technical Analyst at Deen Dayal Investments, is of the view that it is important for the Nifty to hold 17,100 on a closing basis.
On NSE, the stock gained to as high as Rs 269, a premium of 17 percent after making a strong debut on Dalal Street on Tuesday, shrugging off weakness in the market amid broad-based losses.
Third quarter net profit at Rs 201.4 crore as against Rs 33.2 crore same time last year.
Tata Teleservices shares were locked in the 5 percent upper circuit on the BSE in Tuesday’s trading session.
The public issue of Vedant Fashions continues to see a muted response from investors as it garnered bids for 1.03 lakh equity shares against an offer size of 2.54 crore equity shares.
The agri-sciences company reported a profit after tax of Rs 222.60 in the third quarter, up 13.92 percent from Rs 195.40 crore in the year-ago period.
Morepen Labs CMD Sushil Suri tells CNBC-TV18 growth in the company’s medical devices segment has stabilised.