Page 20 - Persistent Systems News Today

A 5-year swing high represents the highest price a stock has reached within a five-year timeframe.

Birlasoft, where mutual funds owned 20.31 per cent stake at the end of September quarter, is up 147.75 per cent this calendar. The stock closed at Rs 740.80 on Friday against December 30, 2022 closing value of Rs 299.

Stock market today: Sensex closed with a gain of 242 points, or 0.34 per cent, at 71,106.96 while the Nifty 50 ended the day 94 points, or 0.44 per cent, higher at 21,349.40.

While Accentures latest growth guidance is indicating a subdued near-term outlook for the sector, fund managers and analysts said the US central banks dovish tilt has reduced the risk of earnings downgrades. The next big trigger for the sector would be signs of deal wins by IT firms, they said.

The S&P BSE Sensex rose nearly 400 points while the Nifty50 closed above 21,300 levels on Thursday. The Nifty future closed positive with gains of 0.75% at 21376 levels.

Accentures growth guidance for the February quarter is below the consensus estimate and also hints at continued cost optimisation in IT spending, which is likely to keep demand muted.

In November, 40 fund houses held these two bluechips in their various schemes, data sourced from Emkay shows

All 10 constituents of the Nifty IT index are currently trading in the green, with Persistent Systems leading the way with a remarkable rally of 2.3%.

"Rollover to December quarter and 2X increase in multiple factoring in lower macro uncertainty following rate cut path laid out by US Fed lead to 9-16% increase in FVs for IT stocks," Kotak said in a note

HCL Tech share price has gained nearly 11 per cent while Persistent Systems share price has gained over 9 per cent in December so far. Infosys share price has gained over 6 per cent in December so far.