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Post quarterly results, the consensus target on the scrip stays at Rs 2,881, similar to Rs 2,880 before earnings, with 80 per cent of recommendations suggesting a buy, 13 per cent hold and 7 per cent sell on the stock. The target suggests a potential 20 per cent upside for the stock.

“One should be a little more cautious this week because in the last couple of weeks with everyone sitting on gains, people were bullish on the market at the 15,500 level. This can be a consolidation week where one needs to watch what is happening and then take the next step.”

As per ET NOW, multiple block deals took place earlier today, with 41.3 lakh Reliance shares changing hands; 12.6 lakh TCS shares; 29.7 lakh Bharti Airtel shares and 71.8 lakh ICICI Bank shares. Other shares which saw bulk deals included M&M (11.8 lakh shares), Wipro (18.5 lakh shares), NTPC (53.4 lakh shares), Zomato (27.9 lakh shares) and Tata Motors (22.4 lakh shares).

A total of 274,574 shares changed hands on the counter till 11:06AM (IST).

MphasiS Ltd., incorporated in the year 1992, is a Mid Cap company (having a market cap of Rs 43585.96 Crore) operating in IT Software sector.

As of 30-Jun-2022, promoters held 0.0 per cent stake in the company, while FIIs held 37.27 per cent and domestic institutional investors had 32.58 per cent.

The Nifty Bank index was trading 0.67 per cent down at 36493.9.

Markets across Asia were trading in the red while S&P500 futures were also suggesting a flat-to-negative start for US stocks later in the day.

“FII’s have covered some of their short positions in the index futures segment in the week gone by and their short covering has led to this positive momentum. This week, the resistance will be seen around the 17,000 mark,” Ruchit Jain, Lead Research, 5paisa.com, said.

The Nifty Realty index was trading 0.3 per cent down at 438.2.