Friday, 24 August 2012

News Hour- BSE IT Index gains in choppy market; TCS hits fresh 52-week high

NEW DELHI: The BSE IT index was the top gainer among the BSE sectoral indices in a choppy market on Thursday, led by sustained buying in Wipro, Tata Consultancy Services and Infosys.

Tata Consultancy Services surged to its 52-week high, which is also its lifetime high of Rs 1,320, followed by Wipro and Infosys which were up 2.6 per cent and 1.2 per cent, respectively, at 02:30 pm.

Among the sectoral gainers, the BSE It index moved 1.4 per cent higher followed by the BSE HealthCare Index and the BSE FMCG Index, which were up 0.6 per cent and 0.5 per cent, respectively.

Tata Consultancy Services was trading 1.8 per cent higher at Rs 1,315 on reports that Tata Sons is hiking stakes in group companies. The stock has advanced over 6 per cent in the month of August while for the year 2012 it has clocked a return of above 13 per cent.

"TATA group stocks such as Rallis India, TCS, Voltas, Indian Hotel and Tata Coffee are picking traction on reports Tata Sons is hiking stake in group companies and is value buying," A.K. Prabhkar, Senior Vice President - Equity Research at Anand Rathi, said.

Prabhkar sees further upmove in TCS with a target price of Rs 1,450 and expects the stock to outperform the markets in the next few months.

Technical Check: Ranajit Kumar Saha, senior manager, technical research at Microsec Capital Ltd

Infosys

After making a low of Rs 2,101.25 on 26th July, Infosys has given a sharp pull back rally of almost 17.5 per cent in a time span of just eighteen trading sessions.

This rally is expected to continue to Rs 2540. We recommend holding long positions in the stock with stop loss of Rs 2,404.

Tata Consultancy Services Ltd

TCS is in continuous uptrend since April 2012. The stock has made its life-time high of Rs 1,320 today and another 5-7 per cent upside is expected in near future.

We recommend holding the long positions with stop loss of Rs 1260.

(Source: economictimes.indiatimes.com)

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