Indian benchmark indices have recovered substantially from the lower levels and currently trading with modest gains with Nifty up by 0.10% and Sensex up by 0.12%. On intra-day basis the Nifty slipped below its 20-DMA, however, buying emerged at lower levels and it has bounced back 60 points from the lower levels and is currently trading around the 18,145 mark.
One sector which has played a crucial role in the recovery of the market from the lower levels is Nifty IT index. The Nifty IT index is nearly up by a staggering 1.5% and interestingly, all the constituents of Nifty IT index were trading in green and Infosys was trading higher by 2%, near its day high. So far, the stock has recorded volume of 74.37 lakh shares, which is greater than its prior trading session.
In a recent development, the company and BP, a global integrated energy company, announced signing of a Memorandum of Understanding (MoU) to demonstrate their intent for Infosys to be bp’s primary partner for end-to-end application services, including development, modernization, management and maintenance. This strategic engagement further strengthens the long-standing relationship, spanning over two decades, between the two companies.
Interestingly, in the month of April, the stock saw robust inflow from the fund managers as nearly 1.30 crore shares were bought with an approx. buy value of Rs 1,750.20 crore. On a MoM basis, SBI Multicap Fund Regular Growth added 2,100,000 shares of Infosys which comes to about 2.21% of total AUM of the fund. ICICI Prudential India Opportunities Fund Regular Growth added 1,626,601 shares of Infosys and ICICI Prudential Equity Savings Fund Growth also added 1,488,400, all these funds saw a change of over 100% on MoM basis in their holding in the stock.
The stock is down by 15.78% on YTD basis and it is down by nearly 20% in the last three months. However, in the longer run the stock has delivered a whopping return of nearly 90%.
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