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Surpassing the 20-day SMA is a significant technical achievement that often signals short-term trends in the stock market.

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Market expert Hemang Jani predicts that the upcoming ICC World Cup and festive season will drive consumer demand in the next two quarters, benefiting sectors like QSR, hotels, and aviation. Food prices will be a key monitorable, but short-term spikes have been easily absorbed by the markets. Jani recommends investing in Titan, Indian Hotels, Zomato, and other consumption names like D-Mart. He also suggests considering stocks in the logistics space, such as Blue Dart and VRL Logistics, which are expected to benefit from the growth in consumer demand.

The Relative Strength Index of the stock stood at 52.06 on Wednesday.

A total of 46,130 shares changed hands on the counter till time (IST).

Infosys Q2 Preview: Consolidated revenue from the quarter is seen rising only 1.4% sequentially to Rs 38,472.4 crore, according to the average of estimates given by nine brokerage firms. But on a year-on-year (YoY) basis, it is seen rising 5.3%. Consolidated net profit may rise 5% sequentially and about 4% YoY to Rs 6,240 crore, the estimates showed.

As of 30-Jun-2023, promoters held 69.38 per cent stake in the company, while FIIs held 11.34 per cent and domestic institutional investors had 3.88 per cent.

The stock traded at a P/E multiple of 79.52, while the price-to-book value ratio stood at 11.24.

From the Sensex stocks, Axis Bank, ICICI Bank, L&T, Wipro, and Tata Motors opened with gains, while only Power Grid Corporation opened with cuts.

CLSA Asia Pacific Markets and Kotak Institutional Equities have raised their target price on the company by 7-8%, with both the brokerages maintaining a ‘buy’ or ‘add’ rating. The shares closed with over 2% gains at 480.65 rupees on Tuesday, also supported by strength in the broader market.