TCS share price: Why Tata Consultancy Services stocks are skyrocketing — explained

livemint.com:

Stock market today: Tata Consultancy Services or TCS share price has been in continuous bull trend after ushering in September 2023. After closing at ₹3,356 apiece levels on NSE, TCS share price today climbed to a new 52-week high of ₹3,633.75 per share levels on NSE, logging over 8 per cent rise in this month. In fact, in last five trade sessions, this Indian IT major has hit upper circuit on four sessions.

However, stock market experts believe that the stock has more steam left and it may go up to ₹4,000 apiece levels in short to medium term. They said that investors are relocating their money from small-cap and mid-cap segment to large-cap stocks that are available at discounted price and their fundamentals are healthy. On why TCS share price is skyrocketing, Saurabh Jain, Vice President — Research at SMC Gloal Securities said, “TCS shares are getting benefit of being available at discounted price.

In current stock market correction, investors are shifting their money from small-cap and mid-cap stocks to quality large-cap stocks that are available at discounted price. Since, order inflow in TCS has gained momentum recently and the fundamentals of the Indian It giant are still healthy. People are pumping money in this stock." Expectign bull trend in TCS shares to further continue, Sumeet Bagadia, Executive Director at Choice Broking said, “TCS shares are in bull trend on chart pattern.