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Rahul Jain of Dolat Capital believes that long-term investors are giving up on the upside in largecap stocks due to disappointing results. Infosys, in particular, has cut its guidance for the second quarter in a row, indicating more pressure ahead. Jain explains that the revenue growth is not translating from the order book due to delayed starts and a decrease in discretionary spending by clients. He expects a severe cut in stock prices and suggests that midcap stocks with better execution may face more pressure compared to tier I stocks.

IT services company HCL Technologies on Thursday reported a 10% growth in its consolidated net profit at Rs 3,832 crore for the quarter ended September 2023. The same stood at Rs 3,489 crore in the last year period. Revenue from operations during the period rose 8% to Rs 26,672 crore as against Rs 24,686 crore in the corresponding quarter last year.

The stock quoted a 52-week high price of Rs 2185.3 and a 52-week low of Rs 1155.1.

Short-to-medium-term traders can look to buy stock on dips for a possible target above Rs 1600 in the next 2 months, suggest experts.

JPMorgan maintained a neutral rating on Infosys with a target of Rs 1400 post September quarter results. The near-term outlook remains weak, but long-term potentially is strong.

A total of 2,087 shares changed hands on the counter till 10:25AM (IST).

The Nifty IT index was trading 0.63 per cent down at 31803.25.

While midcap and smallcap indices rebounded by more than 45% from their lows, the real show stunner has been SME IPO delivering 113% growth over the past year.

On the four hourly charts, the NMDC stock has given a breakout of range with bullish candlestick