Stock Market: TCS wakes up laggard IT pack; indices go soaring

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By S Jha

New Delhi, January 9: The Friday bloodbath on the bourses turned into a Monday jubilation, as the indices in the Indian stock markets went firmly by the Dow Jones bullish notes. Dow Jones was again higher by half a percentage point in the afternoon trade.

TCS, which beat the street with its third quarter result, led the Indian equity market to the higher level on Thursday. Tech Mahindra took the lead, but passed the baton soon to TCS, which was also joined by HCL Technology in a secular rally in the IT sector.

TCS came with its number after the trading hours and beat the street expectations on all counts. With TCS on firm note inaugurating the result season, the bullishness in the market is likely to spread to large, mid and small cap IT stocks, which are more than 50 per cent down from their peaks. Infosys will come up with numbers next week, while the month will be busy with the results leading to the Union Budget on February 1.

The foreign institutional investor, which has not been a net buyer this month even for one day, sold Rs 207 crores of the Indian equities. But their domestic counterparts bought heavily, putting in a net of Rs 1521 crores. The DIIs had invested over Rs 24,000 crores in December in the Indian equities. They continue to be bullish on the Indian markets.

Reliance Industries, an index heavyweight, also brought cheers for the bulls, as the scrip gained more than two per cent. The markets are stated to be in the sideways phase, with wild swings in both the directions being seen.

Bank Nifty also turned bullish, with the traders’ favourites – IndisInd Bank and Axis Bank – again leading the show. Both the scrips have been the star performers of last year, while they continue with their momentum in 2023 also. HDFC Bank and Kotak Mahindra Bank have been laggards.

Salzer Electronics among the small caps is turning out to be a star performer, with the scrip gaining more than 50 per cent in a month. While the company is engaged in making of the electrical equipment, it is stated to be trending because of the EV charging theme.

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