TCS, Infosys Shares Hit Record High: Find Out Why This Is Happening? Should You Buy These Stocks?
Infosys and TCS both hit new highs today, with Infosys’ stock rising almost 3% in intraday trade to a new high of 1556.65 on the NSE.
TCS shares have achieved 3.15 percent in the intraday trade session, reaching a new high of 3377.90.
Reason For Rise In Infosys And TCS!
According to stock market experts, Infosys share buyback is the immediate sentimental reason for this rise but in the long-term, these stocks still look positive and one can buy these IT counters at current levels.
Infy’s share buyback starting from tomorrow and this announcement made by Infosys is expected to put pressure on other IT giants
Revealing the reason for rise in Infosys and TCS shares Ravi Singhal, Vice Chairman at GCL Securities said,
“The intraday rise in Infosys and TCS stocks can be attributed to Infy’s share buyback starting from tomorrow. This Infosys announcement is expected to put pressure on other IT giants like TCS. But, these are sentiments that are expected to evaporate in the next one to two trade sessions.”
TCS and Infosys share price rally global spending on IT infra post Covid-19 and Indian government supporting BPO industries in India are the fundamental reason that will further impact IT companies.
Ravi Singhal of GCL Securities said “There are two fundamental reasons that are expected to further fuel Infosys share price rally and TCS stock price — global spending on IT infra post Covid-19 and Indian government supporting BPO industries in India. These two are the fundamental reasons that are going to impact IT companies to a larger extent.”
Infosys Share Price Target
Speaking on the TCS, Infosys share price target Rohit Singre, Senior Technical Analyst at LKP Securities said, “For short-term perspective, one can buy TCS shares at current market price as it has given a breakout at ?3350 mark. The one month TCS shares price target is ?3500. However, one must maintain stop loss at ?3250 while taking this short-term position.” Singre went on to add that Infosys share price has given a breakout at ?1500 and one should buy Infosys shares at around ?1500 for one month target of ?1650 maintaining stop loss at ?1450.
Advising investors to take positional call in Infosys and TCS shares Ravi Singhal of GCL Securities said, “One can buy both Infosys and TCS for 12 to 18th months time horizon as in next one year, IT and pharma sector is expected to outperform other sectors. One should buy Infosys shares at current levels for the positional target of ?2100 while for the TCS, the positional target will be ?4400.”