Stock market today: Infosys share price touches 52-week high. Buy, hold or book profit?
Stock market today: Infosys shares have been in uptrend after the announcement of Q3 results 2024 on 11th January 2024. Extending its bull trend for yet another session during Friday morning deals, Infosys share price today opened upside and went on to touch an intraday high of ₹1,665.50 per share on the NSE, which turned out its new 52-week high.
According to stock market experts, Indian IT stocks are sitting on high cash reserves and the market is expecting a hike in IT budget allocation by the US government ahead of the US presidential elections. Hence, both DIIs and FIIs are expected to expected to look at IT stocks, especially the IT majors like Infosys.
They advised Infosys shareholders to hold the stock as the stock may further rise to ₹1,800 apiece level in the short to medium term. Speaking on the triggers that are fueling Infosys share price rally, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "Even though Q3 results of Infosys wasn't very promising for the street enthusiasts, the IT company is sitting on high cash reserves.
As the Indian IT companies gain a good amount of business from the US, investors are buying heavily in the IT major expecting a rise in the IT budget in the US ahead of the presidential elections. However, I am not expecting any re-rating in the near term as this rise is based on speculations only." Also Read: EPACK Durable IPO: GMP, subscription status, review, other details.
Buy or not? Gorakshkar said that FIIs and DIIs are expected to prefer IT stocks including Infosys as these shares are available at discounted prices. Expecting the Infosys share price rally to further continue, Sumeet Bagadia, Executive Director at Choice Broking said, "Infosys shares are on the
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