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“In the second half of last year, we saw a phenomenal rally on the Bank Nifty. We had levels of 44,000-44,500. It was great. Everyone participated and things just changed completely in the last one, one and a half months. There is a lot more room to fall. Our initial target was around 39,600, which was tested.”

On the technical charts, the 200-day moving average of the stock stood at Rs 74.19.

As of 31-Dec-2022, promoters held 0.0 per cent stake in the company, while FIIs held 17.35 per cent and domestic institutional investors had 21.19 per cent.

A total of 972,317 shares changed hands on the counter till 01:27PM (IST).

​ Tata Consultancy Services, incorporated in the year 1995, is a Large Cap company (having a market cap of Rs 1287766.54 Crore) operating in IT Software sector.

Reliance Industries, four bank stocks, are among 10 companies that saw the highest increase in LIC’s holdings in value terms in the last one quarter.

Wipro’s EBIT margins may improve modestly from 15.1% in FY23E to 16.4% by FY26E on the back of levers like: 1) pricing, 2) lower attrition leading to lower employee cost as a percentage of sales, 3) pyramid optimisation, and 4) shift to fixed price projects where the company can retain certain savings through automation.

Need to invest in building digital capabilities will offset some of the margin levers such as subcontracting cost, offshoring, synergy with portfolio companies and increased automation in fixed-price projects.

The brokerage has slashed its FY24/25 EBITDA estimates by 8% each to account for higher gestation in fashion/B2B biz.

The stock quoted a 52-week high of Rs 2864.35 and a 52-week low of Rs 2002.5.