Category: 夜上海论坛

Petrol, Diesel Price Today, 12 Sep 2022: Fuel cost steady, check rates in Delhi, Mumbai, Noida, other cities

Posted on by

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The price of petrol and diesel has been kept steady on 12 September 2022 (Monday), keeping costs steady for more than three months now. Petrol and diesel in Delhi is priced at Rs 96.72 and Rs 89.62 a litre, respectively. In Mumbai, petrol is retailing at Rs 106.31 per litre and diesel at Rs 94.27 per litre. The last country-wide change in price came on 21 May 2022, when Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre, and Rs 6 per litre on diesel. Since then, Maharashtra is the only state to have cut rates. The Maharashtra government had announced a cut in value-added tax (VAT) on petrol by Rs 5 a litre and by Rs 3 a litre for diesel in July.

Also read:CPI inflation likely to reverse 3-month downtrend in Aug on high food prices; WPI seen in double-digits

Petrol, diesel prices in Chennai, Kolkata, Bengaluru, Lucknow, Noida, Gurugram

Mumbai: Petrol price: Rs 106.31 per litre, Diesel price: 94.27 per litre

Delhi: Petrol price: Rs 96.72 per litre, Diesel price: Rs 89.62 per litre

Chennai: Petrol price: Rs 102.63 per litre, Diesel price: Rs 94.24 per litre

Kolkata: Petrol price: Rs 106.03 per litre, Diesel price: Rs 92.76 per litre

Bengaluru: Petrol: Rs 101.94 per litre, Diesel: Rs 87.89 per litre

Lucknow: Petrol: Rs 96.57 per litre, Diesel: Rs 89.76 per litre

Noida: Petrol: Rs 96.79 per litre, Diesel: Rs 89.96 per litre

Gurugram: Petrol: Rs 97.18 per litre, Diesel: Rs 90.05 per litre

Chandigarh: Petrol: Rs 96.20 per litre, Diesel: Rs 84.26 per litre

Also read:Nifty looks set to hit 18160-18600 in near term, Bank Nifty shows upmove; watch out for these levels

Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with international benchmark prices and foreign exchange rates. Any changes in petrol and diesel prices are implemented from 6 am every day. Retail petrol and diesel prices differ from state to state because of local taxes like VAT or freight charges.

Will Nifty rise above 19000 or sink further in trade? See GIFT Nifty, FII data, crude, more before market opens

Posted on by

GIFT Nifty traded up 48 points or 0.25% at 19,005.5, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously on Thursday, the NSE Nifty 50 tanked 264.90 points or 1.39% to settle at 18,857.25, while the BSE Sensex shed as much as 900.91 points or 1.41% to 63,148.15.

“In the backdrop of weak global cues, investors shunned local equities at will on the monthly F&O expiry day with benchmark Nifty closing below the crucial 19k mark amid sell-off in frontline banking, automobile and IT stocks. Investors are worried about the simmering West Asia conflict, economic uncertainty and rate hike woes, and hence maintained their bearish stance for the sixth straight session,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.

Key things to know before share market opens on October 27, 2023

Wall Street

US stocks tumbled on Thursday, dragged by tech and tech-adjacent megacap shares as investors digested mixed quarterly earnings and signs of economic resiliency that could encourage the Federal Reserve to keep interest rates at a restrictive level longer than expected, reported Reuters.

The tech-heavy Nasdaq Composite tanked 225.62 points or 1.76% to 12,595.61. The S&P tumbled 49.54 points or 1.18% to 4,137.23, while the Dow Jones Industrial Average dropped 251.63 points or 0.76% to 32,784.3.

US Dollar

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up 0.02% at 106.63.

Crude Oil

WTI crude prices are trading at $83.70 down 0.53%, while Brent crude prices are trading at $88.47 down 0.61%, on Friday morning.

Asian Market

Shares in the Asia-Pacific region are trading broadly in green on Friday morning. The Asia Dow is trading up 0.80%, the benchmark Chinese index, the Shanghai Composite is down 0.09%, while Japan’s Nikkei 225 is up 0.91%. Meanwhile, Hong Kong’s Hang Seng index is up 0.81%.

FII, DII Data

Foreign institutional investors (FII) offloaded shares worth net Rs 7,702.53 crore, while domestic institutional investors (DII) added shares worth net Rs 6,558.45 crore on October 26, 2023, according to the provisional data available on the NSE.

Technical View

Commenting on the technical outlook of Nifty 50, Rupak De, Senior Technical Analyst at LKP Securities, said, “Once again, bears remain at the helm as the Nifty slipped below 19,000 for the first time in four months, indicating a rising bearish condition. The bearish crossover in the momentum indicator also supports the negative momentum. In the current scenario, supports are appearing very fragile and vulnerable. Despite the recent sharp decline, further correction from the current level seems highly possible. Support on the lower end is visible at 18,600-18,645, while resistance is positioned at 18,950-19,000.”

Bank Nifty Outlook

On Thursday, the Bank Nifty index tumbled as much as 551.85 points or 1.29% to 42,280.15. “Bank Nifty is heading towards the psychological support of the 42,000. The fall has been very sharp and is appearing oversold which increases the probability of a pullback. The pullback can be expected till 42,500 – 42,600 however it is unlikely to result into a trend reversal. Overall, the trend is negative and we expect it to target levels of 40,850 from short term perspective,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.

Stalemate in overseas MF limits puts investors in a spot

Posted on by

The reluctance of regulators to raise the cap on investment limits in mutual fund schemes that invest in overseas securities has left investors that have put money in such schemes in a lurch.

The Securities and Exchange Board of India (Sebi) had advised fund houses to stop subscription in schemes that invest in overseas securities on January 29. The directive to stop subscription was mainly on account of the industry crossing the mandated limit of $7 billion for overseas investments.

Also Read: Rupee hits new lifetime low, nears 82 mark on strong dollar, weak markets; USDINR support at 81

While a few schemes did reopen for subscription, the majority of active schemes are now closed for subscription, either through lump sum or systematic investment plans, according to industry officials.

“It is not fair to the existing investors as they are not able to average out their investments. This stalemate has to be resolved and some breakthrough has to be found,” said Swarup Mohanty, chief executive of Mirae Asset MF.

Investors flocked to international funds in droves in the last-year-and-a-half amid a flurry of launches and attractive 3- and 5-year returns. As many as 29 such schemes have been launched since 2021 with a dozen focused on US equities.

“The investors may note that till any further clarification/notification is received from Sebi/Amfi in this regard, the overseas investment limit shall remain capped at the amount as on end of day of February 1, 2022. The AMC reserves the right to suspend the subscriptions/reject/refund the applications from the investors as and when it is close to the overseas investment limit available as on end of day of February 1, 2022,” reads the addendum of a large AMC, which reopened subscription in five of its schemes in June.

The S&P 500 and Nasdaq are down 24% and 31%, respectively. China’s Shanghai Composite is down 16%, while Germany’s DAX index is down 25%.

“From a market timing perspective, this would be a good time to invest since a lot of international markets have corrected significantly. Unfortunately, existing investors in some of these funds can’t average out because schemes are closed for subscriptions,” said Niranjan Avasthi, head – products, marketing and digital, Edelweiss Asset Management.

Financial planners believe that the current restrictions may create an asset allocation problem for investors who want to diversify in different geographies and reduce single-country risk.

“If your scheme has not opened then you may want to look at exposure to a comparable scheme from a different fund house. But do not go overboard and invest only to the extent your asset allocation allows. The US indices, for example, are trading near 52-week lows and present an opportunity to fill the asset allocation gap,” said Amol Joshi, founder of Plan Rupee Investment Services.

Investors can also look at investments into overseas ETFs because the $1-billion limit is yet to be fully utilised. Currently, MFs can make investments in overseas ETFs subject to a maximum of $300 million per MF, within the overall industry limit of $1 billion.

“Edelweiss international FoFs are open for subscriptions and we are seeing smart investors investing more and many continuing their SIPs at this point,” said Avasthi.

Last year in June, Sebi had increased the limit from $600 million to $1 billion per mutual fund within the overall industry limit of $7 billion.

Financial planners recommend setting aside 5-10% of one’s portfolio in international funds. Those who have already invested in international funds can stay put and hope for markets to recover, and mean reversion to play out.

Buy these two stocks for gains in coming weeks while Nifty maintains its uptrend

Posted on by

By Subash Gangadharan

Markets have been continuously moving higher over the last few sessions and making new life highs in the process. Buying has emerged on any intraday dips, thereby ensuring the uptrend remains intact. The short term uptrend is however beginning to look stretched. While the Nifty/Sensex could move up further in the very near term, we believe that these main indices could make a short term top soon. Zooming into the intraday charts of the Nifty, we can see that the index may be forming a head and shoulder pattern.The Sensex is also very close to the psychological level of 50,000, which is another reason to trigger a short term sell off. Crucial supports to watch for a short term trend reversal on the Nifty are at 14435. A close below this level could lead to the Nifty coming down towards the 14300-14200 levels.Buy CESCAfter correcting from a high of 700 touched in September 2020, CESC found support at the 555 levels in early November 2020. These levels also roughly coincide with the previous supports tested in May and Aug 2020, thereby making it a strong support.

Yesterday, the stock also broke out of the recent high of 640 on the back of above-average volumes. This augurs well for the uptrend to continue.

Technical indicators too are giving positive signals as the stock trades above the 20-day and 50-day SMA. Intermediate momentum readings like the 14-week RSI too are in rising mode and not overbought.

We believe the stock is ready to continue the next leg of its underlying uptrend and has the potential to move higher in the coming weeks. We, therefore, recommend a Buy between the 670-685 levels. CMP is 683. Stop loss is at 624 while targets are at 810.

Buy ITCITC has entered into a new intermediate uptrend a few weeks back as it crossed its previous intermediate high of 210. The stock has since then corrected and consolidated in a range above the 200-day EMA.

Today, the stock broke out of the 200-206 range on the back of above-average volumes. This suggests that the stock is ready to move higher and continue its intermediate uptrend.

Technical indicators too are giving positive signals as the stock trades above the 20-day and 50-day SMA. Intermediate momentum readings like the 14-week RSI too are in rising mode and not overbought.

We believe the stock is ready to continue the next leg of its underlying uptrend and has the potential to move higher in the coming weeks. We, therefore, recommend a Buy between the 208-212 levels. CMP is 211.2. Stop loss is at 205 while targets are at 226.

(Subash Gangadharan is a Senior Technical and Derivative Analyst at HDFC Securities. The views expressed are personal. Please consult your financial advisor before investing)

Britannia, Hindalco among top technical stocks to buy; watch out for these levels for Sensex, Nifty

Posted on by

By Shrikant Chouhan

FMCG and technology stocks saved the market on Tuesday, otherwise, the Nifty/Sensex would have reached 14,800/50000 again due to weakness in bank stocks and metal companies. The global market was stable and long-term bond yields were also trading in the short-range. We believe that the markets would remain on the sidelines until the FOMC meeting is completed (Results will come Thursday morning) in the US. Keep an eye on the 14750/49800 and 15100/51000 range. Long positions should be bought between the levels of 14750/14800 (49800/50000) with a stop loss of 14700/49600 in the near future. We are likely to see trending activity after the FOMC meeting. The focus should be on FMCG and Infrastructure related stocks.

Britannia Industries

BUY, CMP: Rs: 3,489, TARGET: Rs 3,660, SL: Rs 3,420

After the strong rally from support zone of 3320 till 3500 the stock took a pause in momentum activity and currently on the daily time frame the stock has formed a cup and handle chart formation along with pick up in volume activity near its 20 day EMA which indicates uptrend move in near term.

NCC Ltd

BUY, CMP: Rs 87.6, TARGET: Rs 93, SL: Rs 84

The stock has presented a bullish continuation chart formation from the last few weeks and currently after the up move it is into a sideways movement forming a flag pattern on daily time frame. Positive parabolic SAR series and modest volume activity near important support level suggest strong possibility of fresh uptrend from current levels.

Manappuram Finance

BUY, CMP: Rs 163.9, TARGET: Rs 173, SL: Rs 159

The stock has corrected around 15% from the levels of 185 to 158 and currently the stock has been hovering in its demand zone which has emerged as a good base for the stock. Formation of harami candlestick pattern near important support area indicates a bullish reversal.

Hindalco Industries

BUY, CMP: Rs 333.9, TARGET: Rs 350, SL: Rs 325

After the strong rally from 200 to 350 levels, the stock went into a corrective pattern however a hammer candlestick formation has occurred near its 20 day EMA. For the positional traders 330 should be the key level to watch trading above the same with decent volume action we expect uptrend to resume in coming sessions.

(Shrikant Chouhan is the Executive Vice President, Equity Technical Research at Kotak Securities. Views expressed are the author’s own.)

US stocks: Wall Street set to fall on aggressive rate hike worries

Posted on by

Wall Street‘s main indexes were set for a lower open on Monday, extending declines for a third straight day as investors worried that another massive interest rate hike by the Federal Reserve could tip the U.S. economy into a recession.

The S&P 500 and the Nasdaq logged their worst weekly percentage drop since June on Friday as markets fully priced in at least a 75-basis-point rise in rates during the week, with Fed funds futures showing a 21% chance of a whopping 100 bps increase.

Also read: Sebi looks to boost surveillance of social media, other platforms through web intelligence tool

“Markets are going to be looking for direction until the Fed meeting, there won’t be much trading action till then,” said Christopher Grisanti, chief equity strategist at MAI Capital Management in Cleveland.

The S&P 500 has lost nearly 19% so far this year on worries of a central bank-induced recession amid recent warnings of slowing demand from delivery firm FedEx and an inverted U.S. Treasury yield curve.

“I think a recession is very likely. The Fed regards a recession as regrettable, but necessary to fight inflation,” Grisanti said.

The CBOE volatility index, also known as Wall Street’s fear gauge, rose to 27.72 points, inching closer to a more than two-month high.

Focus will also be on new economic projections, due to be published alongside the policy statement at 2 p.m. ET (1800 GMT) on Wednesday.

Goldman Sachs cut its forecast for 2023 U.S. GDP late on Friday as it projects a more aggressive Fed and sees that pushing the jobless rate higher than it previously projected.

“We think a 100 bps hike would unnerve Wall Street … and would increase the likelihood that the FOMC will eventually overtighten and lessen the possibility of achieving a soft landing,” Sam Stovall, chief investment strategist at CFRA, wrote in a note.

Also read: Gold Price Today, 19 Sep’22: Gold falls despite positive global cues; US FOMC eyed, check support, resistance

At 8:20 a.m. ET, Dow e-minis were down 269 points, or 0.87%, S&P 500 e-minis were down 35 points, or 0.9%, and Nasdaq 100 e-minis were down 112.5 points, or 0.94%.

Heavyweights Microsoft Corp, Amazon.com, Meta Platforms, Alphabet Inc, Apple Inc , Tesla Inc and Nvidia Corp fell between 0.9% and 1.5% in premarket trading.

Bank of America slipped 1.1% to lead declines among the big U.S. Banks.

Take-Two Interactive Software Inc slid 4.2% following a report that a hacker had leaked the early footage of Grand Theft Auto VI, the next installment of the best-selling videogame.

Gold Price Today, 6 Oct 2022: Gold gets costlier, near Rs 52000; analysts say ‘buy on dips’, check silver rate

Posted on by

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate and silver rate were trading higher in India on Thursday, on the back of positive global cues. On the Multi Commodity Exchange, gold December futures were ruling Rs 269 or 0.5 per cent up at Rs 51915 per 10 gram, as against the previous close of Rs 51646. Silver December futures were trading at Rs 61490 per kg, up Rs 723 or 1.2 per cent on MCX. Globally, yellow metal prices edged higher as Treasury yields retreated, although gains were limited after stronger U.S. economic data bolstered expectations the Federal Reserve will retain its hawkish narrative, according to Reuters. Spot gold was up 0.2% at $1,719.19 per ounce. U.S. gold futures rose 0.5% to $1,728.50.

Also read: Petrol and Diesel Price Today, 6 Oct 2022: Fuel cost steady; Check rates in Delhi, Mumbai, Noida, other cities

Gold prices rallied this week after US dollar and Treasury yields retraced last Friday on account of weaker than expected PMI numbers. Yesterday’s stronger than expected private payroll data did dampen some shine off precious metals but the trend still remains bullish. Arguably the most important U.S. data point of the week, if not the month, is Friday’s employment situation report for September from the Labor Department. OPEC’s decision to cut oil output to 2 million bpd also will give a boost to gold prices as higher oil will drive inflation higher. Corrective pullback is seen in COMEX gold but in MCX due to weak rupee, trend still is positive and we advocate buy on dips strategy today with stoploss of 51400 and expected target of 52000.

Rahul Kalantri, VP — Commodities, Mehta Equities

Gold and silver prices settled lower on Wednesday, after posting solid gains in the previous two sessions. A strong rebound in the U.S. dollar index, along with a significant rise in U.S. Treasury yields, are the bearish  market elements working against the bullion. Gold prices eased following the release of a slightly stronger-than-expected U.S. ADP jobs report that stood at  208,000 in September, as against the expectations of 200,000. The markets will also be closely watching Friday’s employment situation report for September from the Labor Department. However, strength in global oil prices and geo-political tensions between Russia & Ukraine are supporting safe-haven buying in precious metals. Gold has support at $1712-1698, while resistance is at $1740-1751. Silver has support at $20.48-20.20, while resistance is at $20.95-21.10. In INR terms gold has support at Rs 51,420-51,240, while resistance is at Rs 51,880, 52,050. Silver has support at Rs 60,150-59,440, while resistance is at Rs 61,480–62,110.

Also read: Bank Nifty support at 38000, Nifty to trade flat on today’s expiry; use short straddle for 13 Oct F&O expiry

Sriram Iyer – Senior Research Analyst at Reliance Securities

Gold and silver fell after the U.S. Dollar and the benchmark Treasury yields staged a comeback rally on Wednesday. Prices had rallied in the previous session amid hopes that the US Federal Reserve could adopt a less aggressive approach to rate hikes. Looking ahead, gold and silver have started stronger this Thursday’s trade despite a stronger dollar. U.S. non-farm payrolls data due on Friday could offer more clarity on the Fed’s policy tightening. So, MCX gold December range for the day is 51440 to 51770.

(The views in this story are expressed by the respective experts of the research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)

Gold prices to remain under pressure till US Fed; trend looks bearish, support seen at Rs 48800

Posted on by

By Bhavik Patel

Gold hits 2020 pandemic lows as Fed rate hike expectations propels US Treasuries and Dollar higher. Gold and silver bulls remain frustrated that the risk aversion in the marketplace is not translating into more safe-haven demand for the two metals. Yesterday gold fell nearly $40 from daily highs to hit more than two-year lows. Previously for the past 2 years, buyers would emerge around the area of $1690-1685 but this week with higher US CPI and Fed’s commitment of taming inflation at the cost of the economy has scared bulls and gold made low of $1661. As we had stated earlier that $1690-84 was the region where buyers usually emerged and this time selling pressure was accelerated below $1684 as stoploss got triggered. Traders who had their long positions, held their longs with stop loss of $1684 and when that prices breached, it gave bears added ammunition.

US retail sales also came better than expected which again investors believe can give Fed safety to rate hikes aggressively. According to the CME FedWatch Tool, there is a 78% chance of a 75bps hike and a 22% chance of a 100bps increase at next week’s September meeting. On top of September expectations, it looks like the Fed will continue raising rates for the rest of the year, and that is weighing on gold. In this type of environment,  investors are more prone to liquidate their gold positions than their equities. For gold to see a substantial recovery, the market needs to see a slowdown in rate hikes. And that could happen within the next few months as economic data starts to deteriorate, allowing the Fed to take its foot off the monetary policy tightening pedal. 

Also read: Reliance Jio outguns Bharti Airtel, Vodafone Idea, adds 29.4 lakh subscribers in July, TRAI data shows

Gold in MCX has breached its swing low of 49700 and 49572. Trend is bearish as in COMEX it has breached its support of $1680. Next support comes at $1650 and $1622 while MCX support comes at 48800. Gold is looking vulnerable and more prone to fresh shorts. The only saving grace is that in MCX, momentum oscillator RSI_14 is at 29.75 i.e. in the oversold zone and in the past 3 years, gold has bounced from the oversold region. The most bearish condition happened around Mar 2021 when RSI_14 was at 26 but then price recovered. So investors who have a medium-term can wait for gold to come around the region of 48800-48500 where they can accumulate for medium term to long term basis. In the short term, till the FOMC, expect gold prices to remain under pressure.

(Bhavik Patel is a commodity and currency analyst at Tradebulls Securities. Views expressed are the author’s own. Please consult your financial advisor before investing.)

Colgate-Palmolive Q2 Results: Profit rises 22.3% on-year to Rs 340.05 crore, revenue up 6%; Rs 22 dividend declared

Posted on by

Colgate-Palmolive (India) Limited on Thursday posted profit for the quarter ended September 2023 at Rs 340.05 crore, up 22.3 per cent in comparison to Rs 278.02 crore during the same period last year, surpassing estimates. It posted revenue from operations at Rs 1471.09 crore, up 6 per cent as against Rs 1387.48 crore during the second quarter of FY23. The company EBITDA stood at Rs 482.2 crore. EBITDA margins continued to improve, up 120 bps vs. sequential quarter and up 340 bps vs. prior year quarter driven by pricing and efficiencies. According to a CNBC TV18 poll, Colgate-Palmolive was expected to post Q2 profit at Rs 332 crore and revenue at Rs 1502 crore.

Colgate-Palmolive reported a 6.1 per cent increase in net sales for the second quarter, reaching Rs 1462.4 crore as of September 30, 2023, compared to the same period in the previous year. Domestic growth was reported at 6.6 per cent for the quarter.

“We continue to be happy with our momentum and continue to be focussed on strengthening our brand portfolio and delivering superior products to consumers. In this quarter, we have doubled down on the Colgate Strong Teeth relaunch, expanding reach & availability. This has been further supported by the excellent performance of Colgate Max Fresh, which has been relaunched with the best, proprietary freshness technology. We have also restaged our largest toothbrush franchise, Colgate Zig Zag with a superior mix that focuses on its core equity of deep, interdental cleaning. Our domestic growth remains strong, registering a 6.6 per cent increase over the previous year quarter, with our toothpaste segment witnessing higher single-digit growth,” said Prabha Narasimhan, Managing Director & CEO, Colgate-Palmolive (India) Limited.

Furthermore, the company board also said that consequent to the appointment of Niraj Kumar, Business Lead – Bangladesh, Nepal and Sri Lanka, as the Managing Director of Colgate-Palmolive ACI Bangladesh Pvt Ltd, he ceases to be a member of the leadership team of the Company effective October 26, 2023.

Niraj Kumar is a seasoned professional with more than 2 decades of experience in the FMCG Industry. He is currently acting as a Business Lead – Bangladesh, Nepal and Sri Lanka for Colgate-Palmolive (India). He joined Colgate in 2007 as Customer development manager, where he worked on turnaround of business leading to market leader in struggling markets, the company said. He also led North and East India business as Customer development team leader successfully with strong business and share growth.

Infosys share price hits 52-week low tracking fall in US IT stocks, tanks 28% YTD; should you buy, sell, hold?

Posted on by

Infosys share price fell more than 1 per cent to Rs 1,360.05 apiece on BSE, a new 52-week low in Thursday’s intra-day trade, tracking the fall in US IT stocks overnight. On the back of growth concerns, the stock has fallen more than 3 per cent in the last five days, 13 per cent in one month, and 27 per cent in the last six months. The IT bellwether has tanked 28 per cent so far this year, and 20 per cent in one year. In comparison, the S&P BSE Sensex was down less than one per cent in the last month. Analysts say that despite being a very low debt, and consistently well performing sector, IT stocks including Infosys recently have seen a sharp dip due to a worsening US & European economy including sharp sell offs in tech giants across the globe. 

Also read: India’s GDP to grow at 7.5% in FY23 despite developed-economy recession; inflation to stay above 6% till Nov

The Indian IT stocks witnessed weakness on Thursday tracking slump in US IT stocks overnight. US markets tumbled mainly dragged by IT stocks after the US Federal Reserve hiked interest rate by another 75 bps with hawkish commentary. “However, fundamentally and technically, Infosys holds strong with encouraging growth and robust parameters from a long term perspective,” Ravi Singh, VP & Head of Research, Share India Securities. He also added investors may hold their long positions and wait for the target of 1450 levels in coming months.

Also read: Buy these two stocks to pocket gains, charts show upside; Nifty short-term trend looks choppy

Nifty IT index was ruling 0.3 per cent up, at 26,922 levels, on the back of gains in stocks of Coforege, Mindtree, LTTS, L&T Infosys, Tata Consultancy Services (TCS), and Mphasis, up in the range of 0.2-2 per cent. On the flip side, HCL Technology, Infosys, Tech Mahindra and Wipro were the top draggers.

The stock recommendations in this story are by the respective research analysts and brokerage firms. FinancialExpress.com does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.