Top Events of the Day: UP to witness a development boom with PM Modi inaugurating ₹91,000 crore projects. Maharashtra celebrates Chhatrapati Shivaji Jayanti while Modi lays the foundation stones for key infrastructure. Delhi CM Arvind Kejriwal faces 6th ED summon.
Gautam Duggad, Head of Research at Motilal Oswal, discusses the performance and outlook of the midcap IT sector, the growth and normalization trends in the auto sector, and the challenges and expectations in the IT sector. The investment strategy focuses on large cap IT stocks like HCL Tech. In auto, the best performing segment will be two wheeler in so far as volumes are concerned.
Despite the absence of any notable improvement in discretionary IT spending by clients, market speculation about revenue recovery in FY25 is already underway
Dipan Mehta of Elixir Equities is positive on software companies, particularly HCL Tech., but he would prefer to go for midcap IT stocks. But there I should expect some more correction before I look at buying into those companiesHe questions the credibility of Zee s management and doubts their ability to create value. Mehta prefers to wait and watch the performance of recently listed banking and power financier companies before making investment decisions.
From the Sensex stocks, M&M, Wipro, NTPC, HCL Tech, Infosys, and Tech Mahindra opened with gains, while Nestle, HUL, Axis Bank, UltraTech Cement, and Kotak Bank opened with cuts.